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10 Interesting Facts about Australia
The Australian Alps get more snow than the Swiss Alps. They straddle NSW and Victoria with Perisher being the largest ski resort in the southern hemisphere. 90% of Australians lives on the coast. Tasmania has the cleanest air in the world. The air is as clean as Antarctica. Around 1/3…
Employee versus Contractor
On 9 February 2022, the High Court handed down two landmark decisions regarding the distinction between employees and independent contractors. In response, the Australian Taxation Office (ATO) released Draft Taxation Ruling TR 2022/D3: Income tax: pay as you go withholding – who is an employee? TR2022/D3 explains when a worker…
Is my donation tax deductible?
You can claim a deduction for a gift or donation you make to an organisation if it meets 4 conditions: you make the gift or donation to a deductible gift recipient (DGR) it must truly be a gift or donation (voluntarily transferring money or property without receiving, or expecting to receive, any…
Qld Govt announces household energy savings program
The Queensland Government has announced that eligible householders will benefit from the $60 million household energy savings program to encourage the take up of energy efficient appliances and household batteries. The Climate Smart Energy Savers appliance rebate is the first initiative to be released from this program. Eligible householders who…
Changes to minimum annual payments for superannuation income streams
Government Covid-19 relief measures gave a temporary reduction to the minimum amount required to be withdrawn from superannuation income streams. This relief has now stopped so you need to be aware of the change to the minimum pension payment drawdown amounts from 1 July 2023 if you are receiving a…
10 ways to improve business performance
Here are ten ways to make sure that you continue to drive through each business quarter with purpose, vision and the courage to super-charge your business. Eliminate distractions: Time is the scarcest resource and biggest killer for most businesses. When we get busy, we can also get distracted and focus…
Tips for planning for the new financial year
1. Review your finances and cut down on costs Want to free up cash and boost that profit margin? Take a look at your financial statements from the past year to see if you can reduce how much you’re spending. You may be able to reduce the ongoing costs in your…
Prepare for Tax Time
Each income year you need to assess your personal circumstances to work out if you need to lodge a tax return. Reasons you need to lodge a tax return may include if you: had any tax taken out (withheld) from income you receive had $1 or more of foreign income pay…
Employers – Super Guarantee Change effective 1 July 2023
From 1 July 2023, the super guarantee rate for eligible employees rises to 11% (previously 10.5%). Super guarantee is calculated on Ordinary Times Earnings and is payable for all eligible employees regardless of how much they earn (prior $450/month cap was scrapped from 1 July 2022). If you are making…
ATO Prefill – Pay As You Go (PAYG) Withholding
From July 2023, the details reported from your Single Touch Payroll (STP) will be used to pre-fill data at labels W1 and W2 on your employer ATO Online business activity statements. ATO PAYG withholding pre-fill will be available from: July 2023 activity statement for monthly PAYG withholders September 2023 activity statement…
