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[…]
Stage 3 tax cuts – a tax saving opportunity? Legislation giving effect to the government’s revised settings for the Stage 3 tax cuts has been passed by both houses of Parliament with the support of the Coalition. The stage 3 tax cut changes: Reduce the 19% tax rate to 16% for incomes between $18,200 and Read more about March 2024 Newsletter[…]
Many of our clients are located on the East shore of Australia. Two months ago Mother Nature provided a late Christmas gift being a substantial storm colloquially referred to as the ‘Boxing Day Storm’. Several friends and family were without electricity for nearly two weeks and others sustained damage at their property. You may have Read more about When two negatives collide: Property damage and Tax Newsletter[…]
Happy New Year! We hope you had a lovely Christmas break and are ready for 2024. There’s a business truism stating that “a business can make losses indefinitely but can only run out of cash once“. Although I’m tempted to pull apart this statement to analyse the assumptions the essence of the statement is true, Read more about Happy New Year 2024![…]
Happy new financial year! Below are some of the changes to be aware of which from 1 July 2023: There’s an increase in superannuation guarantee to 11% (was 9% in 2013 and will be 12% by 2026). The instant asset write-off reduced to $20,000. The national minimum wage and award rate was increased to $23.23 per Read more about 2023 Checklists & Tax Changes[…]
Hope you had a good Easter break. We would like to help you to reduce your tax in 2023 – allowing you to: Reduce your home loan or credit card debts Top up your Superannuation Save for a holiday Build a deposit for an Investment Property Pay for your children’s education Upgrade your Car Tax Read more about Action required: Tax planning tips and offer for 2023[…]
The ATO recently released a draft tax guidance (PCG 2022/D4) for claiming tax deductions for working from home. You need to be aware of these changes so that you can keep the appropriate records to maximum your tax claims in your 2023 Tax Return. WHAT ARE THE KEY CHANGES? From 1 July 2022, the ATO Read more about Tax Tip: Changed Record Keeping Requirements For Working From Home[…]
What the 2022 Federal Budget Means for You The Treasurer, Dr Jim Chalmers, handed down his first Federal Budget (an updated budget for the 2022/23 financial year) on Tuesday evening. The good news: there were hardly any tax or superannuation changes impacting small or medium size business. The bad news: with interest rates rising, high inflation and labour costs rising, Read more about How Will The Latest Federal Budget Impact You?[…]
Feel free to use the checklists below to assist in collecting your year end documents: Checklists Business Financial Accounts & Tax Is it tax deductible? Items to consider Property Investor Guide Homeoffice expenses (including COVID19 changes)
Happy new financial year! Please invest 5 minutes into reading this newsletter to be current with tax changes and administration which may impact you. Some of these admin items will help minimise your tax while thers will reduce your exposure to an ATO tax audit. We have outlined these key areas below to assist you: Brief Read more about Happy new financial year! (22/23)[…]