As seen in Woopi News December 2025 In November 2025, Payday Superannuation legislation passed both houses of Parliament and received Royal Assent. The new law comes into effect as of 1 July 2026. Superannuation was previously only required to be paid on a quarterly...
As seen in Woopi News July 2025 Since 1st July 2019, a deduction for holding costs relating to vacant land can no longer be claimed as a tax deduction. This applies even if the land is intended for investment purposes in the future, costs must be capitalised and...
As seen in Woopi News May 2025 In December 2023 as part of the mid year Economic and Fiscal Outlook our government announced it would amend the tax law to deny income tax deductions for ATO interest charges. As with many announcements made by our government it can...
As seen in Woopi News January 2025 The Australian Parliament recently passed a bill to change the indexation rate for study and training loans which will soon become law. In the past study loans were increased annually in line with the Consumer Price Index (CPI),...
As seen in Woopi News November 2024 Recently we met with a couple of retirees to discuss a capital gains tax matter. The couple hadn’t needed to lodge tax returns for 15 years, as their investment income was under the tax-free threshold for senior Australians. After...
As seen in Woopi News September 2024 This question is more commonly asked about holiday rentals or other short-term accommodation but can apply in other circumstances as well. So why is this question important? It has to do with the deductibility of expenses...
As seen in Woopi News August 2024 Scammers often pretend to be from trusted organisations such as the ATO and will try to trick you into paying money or giving out your personal information. In the digital world that we now live in people need to be aware of the...
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...
To barter or trade products or services may seem like a good idea at first, but there is a minefield of reasons why business owners should avoid bartering.
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.
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”.
It is important that business owners understand the tax implications when they dispose of a motor vehicle.