Travelling for work… what’s deductible?
Did you use to do a lot of travelling for work... before everything changed last year? As we move to a post-COVID world where borders, both domestic and international, start to open back up, the issue of deductibility of certain business travel expenses are again back...
Superannuation Death Benefits
Do you know what happens with your superannuation funds if you pass away before using them? While we’re dutifully putting money into our super in the hopes of making our retirement more comfortable, many of us have not considered the possibility that we may not be...
Capital Works Deductions Explained
What are capital works deductions? Understanding tax depreciation lingo can sometimes be confusing but as an investor, it’s important that you have a good understanding of the depreciation deductions you can claim to ensure you’re getting the most out of your...
Working From Home Fringe Benefits Tax Has Possible Consequences For Employers
At the onset of COVID-19 in Australia in March 2020, many businesses moved fast to provide much-needed flexibility to allow their employees to work from home. As the end of the 2020-21 FBT year approaches, the question for employers then becomes, what are the FBT...
End of FBT year fast approaching, are you ready?
With the end of March fast approaching, so too is the end of the Fringe Benefits Tax year which runs from 1 April 2020 to 31 March 2021. While FBT returns do not need to be lodged until 21 May 2021, for many businesses, now is the time to start getting organised in...
55 Squat Challenge to Assist National Breast Cancer Foundation Research
This month we've challenged ourselves by getting to get a little extra movement in our office for a great cause.The National Breast Cancer Foundation is running the 55 Squat Challenge to raise vital funds for further research. Yes, that's 55 squats each per day, every...
ATO warning: watch out for tax avoidance schemes
Tax planning or tax avoidance? Do you know the difference? While tax planning is a legitimate and legal way to arrange your financial affairs to keep your tax to a minimum provided you make the arrangements within the intent of the law. Any tax minimisation schemes...
Tax implications of having more than one job
If you are working two or more jobs casually or if you have overlapping contract work, you need to be careful to avoid an end of financial year tax debt. With insecure, contract and casual work becoming increasingly common, particularly in the current COVID-19...
Pension transfer cap to increase
From 1 July 2021, the general pension transfer balance cap will increase from $1.6m to $1.7m due to indexation. "Indexation is a technique to adjust income payments by means of a price index, in order to maintain the purchasing power of the public after inflation,...
ATO data-matching: JobMaker and access to super
The data-matching programs just keep coming from the ATO this year, this time it will be focusing on data pertaining to the temporary early access to super due to COVID-19 and the JobMaker Hiring Credit. In relation to the early access of super, the ATO will be...