Blog

Categories: All, Advice, JobKeeper, Legacy, News, Super, Tax, Technology,


Removal of Self-education $250 deduction limit

The Government has amended the law to remove the $250 non-deductible threshold for self-education expenses (by repealing S.82A of the ITAA 1936) from 1 July 2022 (i.e., from the 2023 income year).  This will make it simpler for individuals to calculate their self-education expense deductions under S.8-1. Prior to 1…

End of the lamington (LMITO)

Australia’s most popular tax cut is coming to an end and it’s going to make the cost of living even harder to handle. If your taxable income is below $126,000, please be aware that the Low and Middle-Income Tax Offset (LMITO) has ended on 30 June 2022, which will impact…

Annual Shutdown and Unpaid Leave changes

Impact on employers and employees Generally, when businesses temporarily shut down over Christmas/New Year, employers have been able to direct their employees to take annual leave or, where they have no annual leave entitlements available, employers have been able to direct their employees to take unpaid leave. As a result of…

2023-24 Federal Budget Summary

The Federal Treasurer Jim Chalmers handed down the 2023-24 Federal Budget on 9 May 2023. The following is a list of highlights from a business, tax, and superannuation perspective. Please read our full summary of the 2023-24 Federal Budget here. HIGHLIGHTS Business The instant asset write-off threshold for small businesses…

Applications close 30 June 2023 — act now!

To ensure you don’t miss out on the Family Tax Benefit or Child Care Subsidy, confirm your income now for the 2021/22 year. You need to confirm your income by lodging your tax return for the 2021/22 year, or advising that you do not need to lodge a tax return, no later than 30 June…

Are you ready for the super guarantee change?

The Superannuation Guarantee (SG) rate will increase from 10.5% to 11% on 1 July 2023. Employers, please ensure your software will calculate this change, or, if calculating manually, be aware of the increase. The new SG rate applies to payments made to workers on or after 1 July 2023. The…

Superannuation Caps

As the end of the financial year comes racing at us and you are considering contributing additional amounts to superannuation – either to claim as a tax deduction or to boost your superannuation savings – it is important to note some very important caps on the amounts you are able…

Starlink: The solution to connectivity issues faced by Australian rural businesses

It’s been a bit of a raw deal for rural Australians who need to rely on satellite NBN to run a business for some time now. Many rural areas have no access to a NBN service and mobile coverage is patchy. So, it's no surprise that many people are starting to…

How to protect your business and survive through these volatile times

Market volatility and economic uncertainty have been at the top of the news lately with headlines about tech lay-offs, the economic downturn, and RBA rate hikes. Things are only going to get worse with a recession looming. However, there are ways small to medium businesses can continue to drive business…

Companies with an Overdue Debt

A company that has an overdue debt with the Australian Taxation Office (ATO) and doesn’t pay the amount owing or doesn’t contact the ATO to make other arrangements, may be issued a Director Penalty Notice (DPN) – which makes the director personally liable if a company has failed to meet…

1 3 4 5 6 7 18