How the $3m super tax may affect you (and what to do next)
June 4, 2025
As the federal government moves to introduce a new 15 per cent tax on superannuation earnings above $3 million (known as Division 296 tax), concerns and debates have emerged about the broader implications for investment strategies, retirement planning, and even the property market. It is intended that once passed by Parliament, the new tax –…
Federal Budget 2025-26: Spotlight on tax
April 7, 2025
In the shadow of an upcoming election, Jim Chalmers’ fourth Budget delivered small but unexpected tax cuts for all Australian taxpayers. The modest cuts were delivered against a backdrop of growing economic uncertainty, with the treasurer emphasising the need for national resilience in the face of rapid global change. Tax cuts for everyone In a…
Tax update March 2025
March 6, 2025
New year, new rules: ATO’s 2025 focus areas for small businesses The Australian Taxation Office has kicked off 2025 by announcing its major areas of interest when it comes to small businesses. It has also highlighted a tougher stance when it comes to super guarantee (SG) compliance and GST fraud. Here’s a roundup of the…
Contractor or employee: Which are you?
February 4, 2021
With COVID-19 having a significant impact on traditional employment, many people are working as a contractor for the first time either by choice or necessity. It’s not just a lifestyle decision; from the tax and superannuation perspective, there are important differences between being an employee and a contractor. For employers, you also need to recognise…
Turning redundancy into opportunity
February 4, 2021
As the economy starts to recover from COVID-19 shutdowns, some sectors may take longer than others to return to their normal operating capacity and some companies may never fully recover. That means there is still the chance that some employees could be made redundant. If you are offered redundancy, how can you turn a potentially…
Tax-effective ways to boost your super
December 10, 2020
After a year when the average superannuation balance fell slightly or, at best, moved sideways, the summer holidays could be a good opportunity to think about ways to rebuild your savings while being mindful of tax. With the Reserve Bank reducing interest rates to record lows and not anticipating a rise until 2024, it’s more…
Making your savings work harder
November 10, 2020
With tax cuts and stimulus payments on the way, Treasurer Josh Frydenberg is urging us to open our wallets and spend to kick start the national economy. But if your personal balance sheet could do with a kick along, then saving and investing what you can, also makes sense. One positive from this COVID-19 induced…
Granny flats: tax tips and traps
November 10, 2020
The idea of adding a granny flat to your property sounds like a great idea. A property to rent out to generate some welcome extra income, or a home for adult children or mum and dad in their later years. But there are important tax and personal considerations to consider before taking the plunge and…
Federal Budget 2020-21 Analysis
October 13, 2020
Building a bridge to recovery In what has been billed as one of the most important budgets since the Great Depression, and the first since the onset of the COVID-19 pandemic dragged Australia into its first recession in almost 30 years, Treasurer Josh Frydenberg said the next phase of the journey is to secure Australia’s…
Paying taxes and maximising tax deductions
August 11, 2020
Tax time can feel stressful; however, paying close attention to allowable deductions may lower the tax you need to pay on your tax return. Here are some allowable deductions you may wish to consider when preparing your next return. While every person’s financial circumstances are unique, it can be helpful to be aware of some…
Super changes add flexibility
August 5, 2020
Just when you thought you had a grip on the superannuation rules, they change again. This time though, the changes are mostly positive, especially for older super members keen to top up their savings. From 1 July 2020, changes came into effect with the potential to help retirees as well as members suffering financial hardship…
Family trusts under ATO scrutiny
July 13, 2020
Family trusts have stood the test of time as a means of protecting family and business wealth, and managing the distribution of trust income in a tax-effective way. But the misuse of these tax benefits by a small minority periodically puts trusts in the firing line of the Australian Taxation Office (ATO). With the ATO’s…
Tax Alert June 2020
June 30, 2020
With COVID-19 dominating everyone’s thoughts, employers are being offered a brief window of opportunity to get their tax affairs in order with the new Superannuation Guarantee (SG) amnesty. There is also a range of virus related assistance on offer to help affected business and individual taxpayers. Here’s a roundup of some of the latest tax…
How COVID-19 changes tax time
June 30, 2020
As this financial year draws to a close, it will be viewed as a year like no other. COVID-19 (coronavirus) has impacted everybody’s life, albeit in different ways for different people. For some, staying at home has meant you have greater savings; for others, the virus has meant lower wages or even the prospect of…
Instant asset write-off extended
June 23, 2020
To further support Australian businesses through the fallout resulting from COVID-19, the government has extended the $150,000 instant asset write-off for an additional six months to 31 December 2020. Initially announced on 12 May and intended to last until 30 June, the government’s $17.6bn stimulus package in part temporarily increased the threshold of the instant…
End of content
End of content
