The government has shared more details about its proposed new “payday super” plan, which will start on 1 July 2026. What is payday super? Starting in July 2026, employers must pay superannuation guarantee (SG) contributions to their employees at the same time they pay their salary and wages – weekly, fortnightly, or monthly. Currently, employers Read more about What we know so far about payday super[…]
To say that the interaction of the Capital Gains Tax (CGT) laws and trusts is complicated is probably one of the greatest understatements that anyone could make about the operation of the tax laws. The laws of physics may be much simpler – and, in this regard, it was Einstein who apparently quipped that “the Read more about The black hole of Trusts and CGT[…]
With Australia going through a major cost of living crisis and interest rates not coming down as quickly as hoped, more and more people are looking at ways of creating additional cash flow to help make ends meet. What is a side hustle? Earning extra income on top of your primary job is sometimes known Read more about How taxable is that side hustle?[…]
Feel free to download a PDF copy of the newsletter What is the right business structure? If you carry on a business – small or large – the question of which business structure to use always arises – and not just from when you start that business, but also during its operation when it may Read more about October 2024 Newsletter[…]
Feel free to download a PDF copy of the newsletter Most people know that if they inherit a home and it is sold within two years of the deceased’s death, then they won’t pay any capital gains tax (CGT) on it. And there are other ways an inherited home can be sold CGT-free. But what Read more about Inheriting assets other than a home[…]
Feel free to download a PDF copy of the newsletter Division 293 tax – will you be caught? If you’re a high income earner, you may soon be asked to pay an extra 15% tax on the amount of concessional contributions that exceed the $250,000 threshold. What is Division 293 tax? Division 293 tax is Read more about July 2024 Newsletter[…]
‘Is it tax deductible’ checklist 2024 tax return items to consider Property investors checklist 2024 Working from home notes 2024 Business financial accounts & tax checklist 2024 Individual tax return checklist
The Federal Budget for 2024-25 was handed down on Tuesday 14 May 2024. It contains a range of proposed measures across the areas of income tax, superannuation, tax administration and related cost of living measures. Some of these may affect you directly or indirectly. We have provided a summary of these measures and what they Read more about Federal Budget 2024-25[…]
Newsletter: May 2024 Feel free to download and share a PDF copy of this newsletter: https://krsaccountants.com/wp-content/uploads/2024/05/KRS-May-2024.pdf Selling your home? Beware of a partial Capital Gains Tax liability! With the temptation for homeowners to cash in on spiralling house prices around Australia, it is important to turn your mind to whether you may only have a partial Read more about May 2024 Newsletter[…]
Newsletter: April 2024 Six super strategies to consider before 30 June 2024 With the end of financial year fast approaching, now is a great time to boost your superannuation savings and potentially save on tax. Below are six superannuation strategies to consider before 30 June 2024. Tip 1 – Use the carry forward concessional contribution rules Read more about April 2024 Newsletter[…]