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2024/25 Federal Budget Update

2024/25 Federal Budget Update

As seen in Woopi News June 2024 While some Budget announcements apply immediately, it’s important to remember that not all announcements can be relied upon as they may require legislated to be passed. Individuals The budget confirmed the reductions in the individual...

2024 Tax traps as we approach 30 June

2024 Tax traps as we approach 30 June

As seen in Woopi News May 2024 As we approach the end of financial year, people tend to start thinking about ways to save tax but as I say every year, if you don’t need it, don’t buy it just to save tax. If you spend $100 and claim that item, you are not getting the...

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”.

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