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.
Blog / Woopi News
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.
The importance of having and or updating your Binding Death Benefit Nomination with your Superannuation Fund
Did you know that your Superannuation doesn’t automatically form part of your estate when you die? It is important to nominate who you want to receive your Superannuation; this is generally your spouse or children, but not always.
Mind your budget as we head into the festive season
With raising household expenses one thing on a lot of people’s minds at the moment is their budget.
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.