With raising household expenses one thing on a lot of people’s minds at the moment is their budget.
Blog / Year: 2023
Changes to the Minimum Pension Requirements for Self Managed Superannuation Funds
When a member of a self managed superannuation fund (SMSF) is in pension phase there is a requirement that they draw down a minimum amount throughout each financial year.
Employee or Contractor?
Business owners are often faced with the question; should I employ someone or contract the work out. We’d all like to think this is a choice businesses are free to make but think again as the ATO is looking to tighten the rules for businesses who engage “subcontractors”.
Tax Implications When a Business Sells a Motor Vehicle
It is important that business owners understand the tax implications when they dispose of a motor vehicle.
How to prepare for your Tax Appointment and communicate effectively with your Accountant
When preparing to do your Tax Return whether you do it yourself or have an accountant prepare it for you, it’s important to store your records in an appropriate manner.
Residential Investment property – ATO Data matching and increased Audit focus
The Australian Taxation Office have released data that 90% of Tax Returns containing a residential property rental schedule have contained at least one error.
2023 Federal Budget Update
While some Budget announcements do not require legislation and apply immediately, it’s important to remember that not all announcements that require legislated will be passed.
Upcoming tax and super changes from 1st July 2023
As seen in Woopi News May 2023 The end of the low and middle income tax offset. Starting back in the 2018/19 financial year and extended throughout the pandemic, the low and middle income tax offset reduced tax payable by between $255 - $1080 for individuals earning...
Working from home? ATO changes the fixed rate method of claiming a deduction for home office expenses.
The ATO has announced changes to the fixed rate method for the 2022/23 income year onwards to a 67c an hour rate which replaces the previous 52c hybrid method rate and the 80c pandemic shortcut rate.
When buying an investment property which name should it go in?
It is important to get advice specific to your circumstances from a qualified professional who will ensure you have considered all the variables. It’s best not to rely on what you see or read on social media, often these people are leaving out important information and referring to foreign tax laws that are not applicable here in Australia.
Cashflow
Cashflow can make or break a business and with raising costs, cashflow is no doubt becoming a problem for a lot of businesses.
Limitations of the Capital Gains Tax Main Residence Exemption
Generally, when you sell a property that has been your home you may be entitled to a capital gains tax exemption or partial exemption. There are however some limitations to this exemption.