by Teigan Amos | Dec 8, 2023 | Articles, Updates
Uncertainty has reigned over the last few years, but can we expect more consistency as we head into 2024? We explore some of the key issues and influences. Inflation and labour supply RBA Governor Michelle Bullock stated, “Inflation is past its peak and heading in the...
by Teigan Amos | Dec 8, 2023 | Articles, Updates
Don’t want to pay tax on Christmas? Here are our top tips to avoid giving the Australian Tax Office a bonus this festive season. 1. Keep team gifts spontaneous $300 is the minor benefit threshold for FBT so anything at or above this level will mean that your...
by Teigan Amos | Dec 8, 2023 | Articles, Updates
A decision by the Administrative Appeals Tribunal has the tax world in a flurry after the Tribunal found in favour of a taxpayer who sold the apartment she lived in for a loss, then claimed the $265,935 loss in her tax return as a deduction. In this case, the taxpayer...
by Teigan Amos | Nov 30, 2023 | Articles, Updates
From 6 December 2023, employers can no longer employ an employee on a fixed-term contract that: is for 2 or more years (including extensions) may be extended more than once, or is a new contract: that is for the same or a substantially similar role as previous...
by Teigan Amos | Nov 29, 2023 | Articles, Updates
The ATO estimates that incorrect reporting of rental property income and expenses is costing around $1 billion each year in forgone tax revenue. A big part of the problem is how taxpayers are claiming interest on their investment property loans. We’ve seen an uptick...
by Teigan Amos | Nov 29, 2023 | Articles, Updates
Legislation currently being debated in Parliament will introduce a new criminal offence for intentional “wage theft”. If enacted, in addition to the criminal offence, a fine will apply. The fine is three times the underpayment and: For individuals – 5,000...
