Latest news
Transitioning to Retirement
Preparing for the transition to retirement can be an exciting but daunting time for many Australians. While you may be looking forward to a well-deserved break, the financial implications of retirement can be complex and confusing. It’s important to take the time to...
What will the ATO be Asking about your Holiday Home?
Taxpayers claiming deductions on holiday homes are in the ATO’s sights. The ATO is concerned that people with holiday homes are claiming more deductions than they should and have published the starting questions they will be asking to scrutinise claims: How many days...
The ‘Super’ Wars
A consultation paper released by Treasury has sparked a national debate about the role, purpose and access to superannuation ahead of the 2023-24 Federal Budget. What is the purpose of superannuation? At first glance, the consultation released by Treasury in February...
What’s the Deal with Working from Home?
The Australian Taxation Office (ATO) has updated its approach to how you claim expenses for working from home. The ATO has ‘refreshed’ the way you can claim deductions for the costs you incur when you work from home. From 1 July 2022 onwards, you can choose either to...
The ATO’s final position on risky trust distributions
The ATO has released its final position on how it will apply some integrity rules dealing with trust distributions - changing the goal posts for trusts distributing to adult children, corporate beneficiaries, and entities with losses. As a result, many family groups...
Is ‘downsizing’ worth it?
From 1 January 2023, those 55 and over can make a ‘downsizer’ contribution to superannuation. Downsizer contributions are an excellent way to get money into superannuation quickly. And now that the age limit has reduced to 55 from 60, more people have an opportunity...
Full throttle in 2023
In a volatile market, keeping to a strategy, or let’s face it creating one, can be tough. The downside of not taking time out for your strategy is that there is a tendency to keep a short-term focus at an operational level to try and pick quick wins to generate...
How good is ChatGPT at tax?
Not being paranoid or anything but we were curious about the skills of the latest innovation to take the world by storm, ChatGPT, and its ability to work with the Australian tax system. Let’s start by saying that we were impressed. Not so much by ChatGPT’s ability to...
What do the ‘Secure Jobs, Better Pay’ reforms mean?
The Government’s ‘Secure Jobs, Better Pay’ legislation passed Parliament on 2 December 2022. We explore the issues. The Fair Work Legislation Amendment (Secure Jobs, Better Pay) Bill 2022 passed Parliament on 2 December 2020. The legislation is extensive and brings...
Avoiding the FBT Christmas Grinch!
It’s that time of year again - what to do for the Christmas party for the team, customers, gifts of appreciation for your favourite accountant (just kidding), etc. Here are our top tips for a generous and tax-effective Christmas season: For your business Tax &...
Cyber Scammers
If it sounds too good to be true, it probably is Whether it is promises of high guaranteed investment returns without any risks, get rich quick Crypto schemes or unexpected refunds from Centrelink, the old adage “If it sounds too good to be true, it probably...
30 November director ID deadline
The deadline for existing directors of Australian companies to obtain a Director Identification Number is 30 November 2022. All directors of a company, registered Australian body, registered foreign company or Aboriginal and Torres Strait Islander corporation (ATSI)...
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