Blog
COVID and Natural Disaster Payments – What’s Taxable and What’s Not?
Advice for Australian taxpayers with regards to COVID-19 and Natural Disaster Payments.
Superannuation Guarantee Is Rising
From 1 July 2022 the superannuation guarantee (SG) rate will increase from 10% percent to 10.5%. The rate will also increase a further half a percent each year until it reaches 12% in 2025.
End of Financial Year – 30 June 2022
With 30 June fast approaching tax deductions are no doubt on a lot of people’s minds. Whether you are an employee, investor, or business owner it’s always important to remember that when you spend money to save on tax you are only ever going to get a percentage of the money back, as either reduced tax payable or a larger refund.
Why does your accountant know so much about you, without having to ask?
In recent years Online Services for Agents (aka the Tax Agent Portal) continues to be expanded. A lot of this information is also available on your MyGov account, if you have one setup.
Study and training loans? When do they need to be repaid?
When determining if a loan repayment is required it’s not always taxable income that is used in the calculation.
Do you work in the Building and Construction Industry?
The NSW Long Service Corporation administers the scheme which provides portable long service benefits to eligible workers in the building and construction industry.
Self Employed?
Before you apply for an Australian Business Number (ABN) consider which structure you will operate your business under.
New requirements for company directors – Director Identification Number
If you’re an existing director of a Company at 31st October 2021, you have until 30th November 2022 to apply for your director ID.
New Requirements when employing new staff – Superannuation
Starting from 1st November, when an employer starts a new employee, they now need to check if that employee has a ‘stapled’ superannuation fund. So, what does this mean?
Protecting your Tax File Number
There’s no doubt we are all aware there has been a big shift towards moving our identities online. We are now verifying our identity on multiple online platforms such as MyGov and Service NSW. We now have electronic licences and often people have photos of their licence, birth certificate and even their Tax File Number (TFN) stored on their devices or floating around in their emails.
Guard Dog or Working Dog Expenses – when are they deductible?
Occasionally I am asked if costs such as vet bills, dog food and dog bedding can be claimed as a tax deduction. This question is usually coming from a farmer or a tradie with a pooch on his Ute that he likes to refer to as his guard dog.
