Below you'll find a list of all posts that have been categorized as “Tax Tips”
On Tuesday, 2 April 2019, Treasurer Josh Frydenberg handed down the 2019-20 Federal Budget. In an election Budget, the Treasurer announced the first Budget surplus in more than a decade at $7.1 billion for 2019-20 Economic Outlook Frydenberg maintained a relatively optimistic outlook for the economy, though he conceded there were risks including from falling house prices and global risks …
There are a huge number of tax laws that may change this year as a result of the upcoming 2019 Federal Election. Individuals could be affected by: Losing franking credit refunds More Capital Gains Tax Losing tax benefits from negatively gearing Investment Properties Businesses could be affected by: Changes to the laws for loans from Companies (known as “Div 7A”) …
Summary of single touch payroll Single touch payroll changes when and how small businesses report payroll activity to the Australian Tax Office (ATO). Businesses used to report this information to the ATO once a year. Now, they need to send a report online after each pay day. Changes to when you report payroll Small businesses used to finalise their payroll …
Breaking News – 12 February 2019 Today, Australian lawmakers passed legislation that requires even the smallest of employers to electronically file each pay run with the tax office using Single Touch Payroll, from 1 July 2019. It’s a big ask for the nation’s 2.3 million small businesses, which employ 40 percent of all workers. It’s also a big opportunity Many employers still …
Have you made a New Year’s Resolution to get your finances and tax in order? Making the resolution is easy and often soon forgotten however, all is not lost. We can help you turn your resolution (good intentions) into a reality that benefits you and your business. Warning! The Australian Taxation Office (ATO) is closing in fast on everyone who doesn’t …
Company Tax Rate Cut Small companies with an annual turnover up to $10 million will receive a tax cut this financial year with the tax rate decreasing from 30% to 27.5%. This will be followed by tax cuts for companies turning over up to $25 million in 2017-18, and up to $50 million in 2018-19. The tax cut announcement is …
A simple definition of a trust is: “A relationship in which one person (the trustee) holds assets (money, property, a business) for the benefit of another (the beneficiary).” Other parties in a trust structure include a “settlor” who contributes the initial trust asset (which may be anything, including a nominal $10 cash or even a house) to bring the trust …
Generally, if you rent out part or all of your home, the rent money you receive is assessable. This means that you must declare your rental income in your income tax return, but you can also claim deductions for any associated expenses. However, be warned. If you rent out part of your home, such as one room, you also may …
Withholding rules on the sale of property by foreign residents have been introduced. This potentially turns property buyers into tax collectors. The rules apply where real property contracts are entered into on or after July 1, 2016, but only apply to sales of residential property where that property has a market value of $2 million or more. Withholding will not …
SalarySalary packaging a car is a popular choice. Doing so by salary sacrifice often raises the topic of novated leases. l;llllllllllllfgfrgg pacSalary Packaging a Car using a Novated Lease What is a Novated Lease A novated lease is a way for an employee to buy a car and have their employer make the repayments to an agreed financial supplier. Basically, …
