It’s not uncommon for business owners to pour their money into a business to get it up and running and to sustain it until it can survive on its own. A recent case highlights the dangers of taking money out of a company without carefully considering the tax implications.A case before the Administ...
Read MoreGetting back what you put in: Loans to get a business started
Wednesday, March 06, 2024
How to take advantage of the 1 July super cap increase
Wednesday, March 06, 2024
From 1 July 2024, the amount you can contribute to super will increase. We show you how to take advantage of the change.The amount you can contribute to superannuation will increase on 1 July 2024 from $27,500 to $30,000 for concessional super contributions and from $110,000 to $120,000 for non-c...
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From 1 July 2024, the amount you can contribute to super will increase. We show you how to take advantage of the change.The amount you can contribute to superannuation will increase on 1 July 2024 from $27,500 to $30,000 for concessional super contributions and from $110,000 to $120,000 for non-c...
Read MoreRevised stage 3 tax cuts confirmed for 1 July
Wednesday, March 06, 2024
The revised stage 3 tax cuts have passed Parliament and will come into effect on 1 July 2024.Before the new tax rates come into effect, check any salary sacrifice agreements to ensure that they will continue to produce the result you are after. Resident individualsTax rate2023-242024-25 ...
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The revised stage 3 tax cuts have passed Parliament and will come into effect on 1 July 2024.Before the new tax rates come into effect, check any salary sacrifice agreements to ensure that they will continue to produce the result you are after. Resident individualsTax rate2023-242024-25 ...
Read MoreThe ATO Debt Dilemma
Wednesday, March 06, 2024
Late last year, thousands of taxpayers and their agents were advised by the Australian Taxation Office (ATO) that they had an outstanding historical tax debt. The only problem was, many had no idea that the tax debt existed.The ATO can only release a taxpayer from a tax debt in limited situations...
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Late last year, thousands of taxpayers and their agents were advised by the Australian Taxation Office (ATO) that they had an outstanding historical tax debt. The only problem was, many had no idea that the tax debt existed.The ATO can only release a taxpayer from a tax debt in limited situations...
Read MoreThe Fringe Benefit Tax traps
Wednesday, March 06, 2024
The Fringe Benefits Tax year (FBT) ends on 31 March. We explore the problem areas likely to attract the ATO’s attention. Electric vehicles causing sparksIn late 2022, the Government introduced a concession that enables employers to provide some electric vehicles to employees without incurri...
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The Fringe Benefits Tax year (FBT) ends on 31 March. We explore the problem areas likely to attract the ATO’s attention. Electric vehicles causing sparksIn late 2022, the Government introduced a concession that enables employers to provide some electric vehicles to employees without incurri...
Read MoreCan my SMSF invest in property development?
Thursday, February 01, 2024
Australians love property and the lure of a 15% preferential tax rate on income during the accumulation phase, and potentially no tax during retirement, is a strong incentive for many SMSF trustees to dream of large returns from property development. We look at the pros, cons, and problems that o...
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Australians love property and the lure of a 15% preferential tax rate on income during the accumulation phase, and potentially no tax during retirement, is a strong incentive for many SMSF trustees to dream of large returns from property development. We look at the pros, cons, and problems that o...
Read MoreContractor or employee?
Thursday, February 01, 2024
Just because an agreement states that a worker is an independent contractor, this does not mean that they are a contractor for tax and superannuation purposes, new guidance from the ATO warns. Where there is a written contract, the rights and obligations of the contract need to support that ...
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Just because an agreement states that a worker is an independent contractor, this does not mean that they are a contractor for tax and superannuation purposes, new guidance from the ATO warns. Where there is a written contract, the rights and obligations of the contract need to support that ...
Read MoreStage 3 personal income tax cuts redesigned
Thursday, February 01, 2024
The personal income tax cuts legislated to commence on 1 July 2024 will be realigned and redistributed under a proposal released by the Federal Government.After much speculation, the Prime Minister has announced that the Government will amend the legislated Stage 3 tax cuts scheduled to commence ...
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The personal income tax cuts legislated to commence on 1 July 2024 will be realigned and redistributed under a proposal released by the Federal Government.After much speculation, the Prime Minister has announced that the Government will amend the legislated Stage 3 tax cuts scheduled to commence ...
Read MoreThe problem when the evidence doesn’t match what the taxpayer tells the ATO
Thursday, February 01, 2024
A recent case before the Administrative Appeals Tribunal (AAT) highlights the importance of ensuring that the evidence supports the tax position you are taking. The case involves heritage farmland originally purchased for $1.6m that sold 7 years later for $4.25m and the GST debt that the ATO...
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A recent case before the Administrative Appeals Tribunal (AAT) highlights the importance of ensuring that the evidence supports the tax position you are taking. The case involves heritage farmland originally purchased for $1.6m that sold 7 years later for $4.25m and the GST debt that the ATO...
Read MoreThe Redesigned Stage 3 Personal Income Tax Cuts
Monday, January 29, 2024
The personal income tax cuts legislated to commence on 1 July 2024 will be realigned and redistributed under a proposal released by the Federal Government.After much speculation, the Government has announced that they will amend the legislated Stage 3 tax cuts scheduled to commence on 1 Jul...
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The personal income tax cuts legislated to commence on 1 July 2024 will be realigned and redistributed under a proposal released by the Federal Government.After much speculation, the Government has announced that they will amend the legislated Stage 3 tax cuts scheduled to commence on 1 Jul...
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