Tax implications of having more than one job

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

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...
Areas of concern for SMSF trustees

Areas of concern for SMSF trustees

If you are the trustee of one of the approximately 577,000 SMSFs in Australia at the moment, there are some areas the ATO wants you to pay particular attention to including the sole-purpose test, the in-house asset rules, unlawful schemes and arrangements, and...
Beware of clothing deductions this tax time

Beware of clothing deductions this tax time

Beware of work-related clothing and laundry expense claims this tax time, the ATO is cracking down on individuals making unsubstantiated and exaggerated claims. It has reminded taxpayers that only uniform, protective or occupation-specific clothing that you are...