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Tax Cuts from July 1, 2024 – for all taxpayers

Tax Cuts from July 1, 2024 – for all taxpayers

There has been a lot of media coverage of late regarding the changes to the tax cuts that were to take effect from 1st July 2024 and some media reports have given the impression that high income earners are worse off.

Changes to Australian Business Number’s (ABNs)

Changes to Australian Business Number’s (ABNs)

Over the last 12 months many Sole Trader ABNs have been cancelled without prior notice. Generally, this is because the ABN holder hasn’t included business income in their Individual Tax Return for a few years.

Employee or Contractor?

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”.

2023 Federal Budget Update

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

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...

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