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It’s not too late to claim the small business skills and training boost.   If you are a small business owner and paying for your employees external training, you could be eligible to claim the skills and training boost. One of the key motivators for employee...

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...

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...

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...

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 sparks In late 2022, the Government introduced a concession that enables employers to provide some electric...

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...

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...

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...

Legislation enabling an extra 15% tax on earnings on super balances above $3m is before Parliament. While not a concern for the average worker, if enacted, those with significant property or other illiquid assets in their superannuation fund are most at risk, for...

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...

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...

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...