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December 2024 Newsletter
In this month’s update:
- Christmas & Tax
- Deduction for self-education courses
- Unwrap your future: 12 super tips for a merry and bright retirement
- That small farm dream… and tax deductions
- How does your super compare with others your age?
November 2024 Newsletter
In this month’s update:
- How taxable is that side hustle?
- The black hole of CGT and trusts
- What we know so far about payday super
- What tax receipts do I need to keep?
- Super on parental leave pay is now law
October 2024 Newsletter
In this month’s update:
- Making contributions later in life
- What is the right business structure?
- Selling a property with mixed rental and residential use
- Comparing SMSFs with other super funds
- The dangers of failing to declare income or lodge returns
September 2024 Newsletter
In this month's update:
- Who is a spouse under the tax laws, and why does it matter?
- Riding the market waves
- Take care if you sell your home after leaving Australia!
- Separation and divorce. CGT consequences… and relief
- Setting up an SMSF. Who can join the fund?
- “Debt recycling”… flavour of the month
August 2024 Newsletter
In this month’s update:
- The importance of “Tax Residency”
- Changes to preservation age
- CGT & foreign residents: Complex rules apply!
- Selling a small business operated though a company
- Spouse contributions splitting
- Breaking up (by text) is hard to do
- Small business energy incentive
July 2024 Newsletter
In this month’s update:
- Division 293 tax - Will you be caught?
- The fine line between property development and “merely realising an asset”
- The CGT main residence exemption concessions are very useful
- The secret life of TFNs
- Can I add to my super pension?
June 2024 Newsletter
In this month’s update:
- Making your super last in retirement
- Personal services income explained
- What’s not considered “income” by the ATO?
- Don’t lose your super to scammers
- On-boarding new employees
May Budget Update
In this month’s update:
- Income tax measures
- Superannuation measures
- Social security, cost of living and other measures
May 2024 Newsletter
In this month’s update:
- Selling your home? Beware if a partial capital gains tax liability!
- Take care with contribution timing this financial year
- Rental properties: Traps and pitfalls
- Succession planning for family businesses
- How myGov can help you track your super
April 2024 Newsletter
In this month’s update:
- Six super strategies to consider before 30 June
- Important tax residency issues to consider
- Family companies and the many tax traps
- Selling your home to a developer? Beware the tax consequences!
- The tax treatment of compensation payments can be tricky
- Mortgage vs super: Where should I put my extra cash?
March 2024 Newsletter
In this month’s update:
- Stage 3 tax cuts: A tax saving opportunity?
- Don’t forget the CGT small business rollover
- Super contribution caps to increase on 1 July
- Briefing a barrister
February 2024 Newsletter
In this month’s update:
- Compensation from your bank or financial institution – is it taxable?
- Tax issues when dealing with volunteers
- Collectables – and inherited jewellery
- Using super to pay your mortgage
- Returning to work after retirement
December 2023 Newsletter
In this month’s update:
- Give yourself a super gift this Christmas
- Lost of destroyed tax records? Don’t panic!
- Taken goods for private use? Here’s the latest values
- Two “main residence” is possible
- Don’t ignore those tax debts: the ATO won’t!
- The taxation of super death benefits
November 2023 Newsletter
In this month’s update:
- Who can I nominate as my super beneficiary?
- Who is a resident for tax purposes?
- When two bonuses are not enough….. Introducing the energy Incentive!
- Qualifying as an interdependent or financial dependant
- How to nominate a superannuation beneficiary?
October 2023 Newsletter
In this month’s update:
- How to reduce your income tax bill using superannuation
- Changes to unfair contract terms laws
- Property developers and would-be ones – beware!
- Small business skills and training boost
- Don’t overlook the CGT small business roll-over concession
- Are you eligible to make a personal deductible contribution?
September 2023 Newsletter
In this month’s update:
- Thought of registering a trademark for your new business?
- Self-education: when is it deductible?
- Avoid schemes targeting SMSFs
- Discounting your capital gain
- Appointing an SMSF auditor
- Costs of a caravan/motor home for work-related travel
August 2023 Newsletter
In this month’s update:
- Trusts – are they still worth it?
- Tax Time: Unexpected first-time debts
- Gifting to employees
- SMSFs & higher interest rates
- R&D reminder
- Super withdrawal options
July 2023 Newsletter
In this month’s update:
- Super guarantee increases to 11%
- Superannuation and the right to delegate
- Time for a restructure
- Fair Work changes
- Small business lodgement amnesty
- Work-related car expenses updated
June 2023 Newsletter
In this month’s update:
- ATO Tax Time focus areas
- Super pensions and Commonwealth Seniors Health Card
- Generous depreciation in its final days
- Do you have a side-hustle?
- What are the types of super funds you can contribute to?
- Maximising Cashflow
May Budget Update
In this month’s update:
- 2023-24 Budget Wrap
- Business
- Individuals
- Superannuation
- Social Security and cost of living
May 2023 Newsletter
In this month’s update:
- Temporary Full Expensing: get in quick!
- How to claim an early tax deduction on SG Contributions
- Federal Budget – what to watch out for
- Financing motor vehicles
- Upcoming trust distribution strategies – latest developments
- New reporting arrangements for SMSFs from 1 July 2023
April 2023 Newsletter
In this month’s update:
- Trust distribution landscape now more settled
- Proposed tax on $3m super balances
- FBT exemption for electric vehicles
- Reducing the risk of crypto scams
- Fending off GST audits
- Lost Super
March 2023 Newsletter
In this month’s update:
- New work from home record keeping requirements
- FBT and car logbooks
- Legislating the purpose of superannuation
- Crystalising capital losses
- Super teething issues
- PAYG instalment variations
February 2023 Newsletter
In this month’s update:
- Missed the Director ID Deadline?
- ATO new-year resolutions
- Reduction in downsizer eligibility age
- The importance of cash flow forecasts
- Can you use your SMSF property upon retirement?
- ATO finalises Section 100A guidance for Family Trusts
November 2022 Newsletter
In this month’s update:
- Federal Budget 2022-23
- Business and Individual Taxation
- Superannuation and Retirement
- Director ID…last ditch awareness campaign
- Rental expenses in excess of income not deductible
- Do I have to pay myself super as a business owner?
- Protecting your au domain name
October 2022 Newsletter
In this month’s update:
- Director identification numbers…time is running out
- Bridging the super gender gap
- Optus data breach
- Claiming business losses
- SMSF member obligations
September 2022 Newsletter
In this month’s update:
- The tax consequences of land subdivision
- Hiring employees
- Super funds post lowest returns since GFC
- eInvoicing: Save time and money
- Estate Planning Explained
- Insurance: Inside or outside super?
August 2022 Newsletter
In this month’s update:
- ATO focus on rental property income and deductions
- COVID-19 relief for SMSF trustees now at an end
- Wash sale arrangements under scrutiny
- GST Health Check
- YourSuper comparison tool
- Switching home loans
July 2022 Newsletter
In this month's update:
- ATO Prioritising Debt Collection
- Last minute trust distributions and record keeping
- Super guarantee rises to 10.5%
- ATO tax time focus for small business
- Scam myths
- STP year-end finalisations due soon!
- Accessing your super early
June 2022 Newsletter
In this month’s update:
- 30 June Tax Planning
- ATO warning of fake ABN and TFN scams
- Six super strategies to consider before 30 June
- 2022 Election Washup
- Four priorities for the ATO this Tax Time
- Downsizer contributions to SUPER
May 2022 Newsletter
In this month’s update:
- Why super can help save for your retirement
- Further developments on trust distributions
- What you should know about six member SMSFs
- Financing motor vehicles
- Personal Property Securities Register
- HR Manuals
April 2022 Newsletter
In this month’s update:
- FBT year-end checklist
- Record keeping
- ATO’s new crackdown on Discretionary Trusts
- Ridesharing: The Driver
- Salary sacrificing to super
March Budget Update
In this month’s update:
Business
- What’s in it for you and your business?
- 20% Additional Deduction for Skills Training and Digital Adoption
- Apprentice Wage Subsidies Extended
- Reduction in GDP Uplift Factor for PAYG and GST Instalments for 2022/23
- PAYG instalments: Option to Base on Current Financial Performance
- Employee Share Schemes for Unlisted Companies – Thresholds Amended
Individuals
- LMITO Increased
- $250 Cost of Living Payment
- COVID Test Expenses Deductible
- 2022/23 Income Tax Rates Unchanged
- Pension Drawdowns – 50% Reduction Extended to 2022/23
- Super Guarantee Increase to Proceed
- Other July 1 Changes
March 2022 Newsletter
In this month’s update:
- On-boarding new employees
- Paying employees super through a super clearing house
- In-specie super contributions
- Employee allowances
- Cashflow forecasts
- RAT and PCR Tests
February 2022 Newsletter
In this month’s update:
- Single Touch Payroll 2: The time has come
- Consolidate your super
- What does Temporary Full Expensing (TFE) of assets mean for me?
- Topping up your concessional contributions
- Your Business Structure
December 2021 Newsletter
In this month's update:
- Have you obtained your director ID?
- Where there's a will, there's often a dispute
- Superannuation budget measures one step closer
- ATO's ABN cancellation program continues
November 2021 Newsletter
In this month’s update:
- New laws to improve the way super is divided in divorce
- CGT on sales of property inherited by a foreign resident
- CGT retirement exemption where gain is made by a company or trust
- ATO extends COVID-19 relief measures for SMSFs
- Becoming the executor of a deceased estate
October 2021 Newsletter
In this month’s update:
- Compensation payments: Avoiding contribution issues
- Home as a place of business during COVID: CGT implications
- Inheriting rental properties jointly. A dilemma?
- SuperStream deadline fast approaching
- Christmas and the Taxman
September 2021 Newsletter
In this month’s update:
- How to treat work-related travel and living away from home costs
- SMSFs and property development
- Claiming GST credits for employee reimbursements
- Buying a new home before selling the old one: The ins and outs
- Trust distributions to non-residents
- Stapling super: Reducing multiple accounts for employees
August 2021 Newsletter
In this month's update:
- What the new Your Future, Your Super means for you
- Capital works deductions for rental property
- Trust losses: Keeping them in the family
- Trust distributions from a discretionary trust
- Where do reward programs stand in regard to tax?
July 2021 Newsletter
In this month’s update:
- Avoid common mistakes in your business return, and include appropriate income
- Getting deductions for clothing and laundry expenses right
- Steps to take when winding up your SMSF
- When the taxman sends a bill, not a refund
June 2021 Newsletter
In this month’s update:
- The tax treatment of cryptocurrency
- New guidance on “personal services income” rules
- Briefing a barrister
- The ATO’s eligibility requirements of SMSF trustees or directors
May 2021 Newsletter
In this month’s update:
- EOFY tips for your tax plan
- Dealing with excess before-tax super contributions
- The SME Recovery Loan Scheme is now open
- Evidencing SMSF property valuations
- Independent audit review for small businesses
April 2021 Newsletter
In this month’s update:
- Some money is not counted as ‘income’ by the ATO
- New insolvency reforms to support small business
- When is comes to real estate and CGT, look at timing
- Managing you superannuation transfer balance account
- Refinancing loan interest may be deductible to a partnership
March 2021 Newsletter
In this month’s update:
- Update your ABN… or miss out!
- Vehicle benefit FBT treatment changes under COVID-19
- A hand up for small businesses on cash flow
- Unexpected lump sum payment in arrears? There’s a tax offset for that!
- Taken goods for private use? Here’s the latest values
- New Director Identification Number regime may be just around the corner
- The SMSF sector has been growing by $62,400 every minute
February 2021 Newsletter
In this month's update
- JobMaker hiring credit: What you need to know
- Single Touch Payroll. When your reporting can cease
- Getting a tax valuation from the ATO
- Natural disasters and help with your tax
December 2020 Newsletter
In this month’s update:
- A run-down of the new loss carry back measure
- Calling time out on your business? Some essentials you’ll need to know
- Small business CGT concessions: Goal posts moved on vacant land and active assets
- ATO takes aim at ‘you-scratch-my-back’ auditing arrangements
- Claiming interest expenses for rental properties
- What is a recipient crated tax invoice?
November 2020 Newsletter
In this month's update:
- What the "full expensing" write off deduction means for business
- Both tax and SMSF audits on still on ATO's radar, but some leniency given
- ATO's cyber safety checklist
- The investment option that can hide unexpected GST
- Rounding of GST where fractions of a cent result
- JobKeeper extension's alternative turnover tests
October 2020 Newsletter
In this month's update:
- COVID-19 payments and some issues for companies and trusts
- COVID-19 and trust liquidity issues
- Where you stand with vehicles and the boosted instant asset write off
- COVID-19 and SMSF rental relief
In this month's update:
- The JobKeeper scheme gets an update, plus an extension
- Has your super fund got you covered for insurance?
- Early release of super extended
- Rental property: Tax approach adjusts for COVID-19
- Claiming a deduction for transport expenses when carrying bulky equipment
In this month's update:
- Tax Return Tips
- Instant asset write off extended to 31 December
- The realities of insuring against cyber crime
- Remote AGMs and document signing allowed
- Varying PAYG instalments because of COVID-19
In this month's update:
- Last-minute tax planning tactics
- Ex-patriates: Part year resident or non-resident for tax purposes?
- COVID-19 and residential property claims
- Concerns on property development and SMSFs
- Laws on bankruptcy changed to help cope with COVID-19
June 2020 Financial Year Tax Return Checklist
In this month's update:
- 2019/20 Individual Tax Return Checklist
- 2019/20 Year-end Checklist for Business
In this month's update:
- Coronavirus: Government’s JobKeeper Payment
- Shortcut method to claim deductions if working from home
- SMSFs may be able to offer rental relief to related party tenants
- ATO reminder about salary packaged super
April 2020 Newsletter
In this month's update:
- Coronavirus: Government announces new tax measures.
- New laws can make directors personally liable for GST
- New super guarantee amnesty
- New vacant land tax measures
- ATO on property investments
In this month's update:
- Court confirms ATO’s position on foreign income tax offset
- Employer’s requirements and deductibility of WREs
- SMS scam targeting natural disaster victims
- Further STP developments
- Valuing car parking fringe benefits
In this month's update:
- Lifestyle assets continue to be an ATO audit target
- Disclosure of business tax debts - Declaration made
- MYEFO - 2019/20
- The ATO's Bushfire crisis response
In this month's update:
- PAYG and deductions for payments to workers
- ATO November 2019 bushfire assistance
- STP and superannuation guarantee
- SMSs for SMSFs!
- No CGT main residence exemption for non-resident
In this month's update:
- Super Guarantee opt-out for high income earners now law
- Government passes other superannuation legislation
- ATO Recommends updating ABN details for disastrous reasons
- Super Lookup 'status' will change if SMSF annual returns are late
- Reporting asset disposals for CGT
- Taxpayer liable for excess transfer balance tax despite commutations
In this month's update:
- $30,000 instant asset write-off
- ATO impersonation scam update
- Federal Court provides clarification on the PSI rules
- Using the cents per kilometre method
- Deductions for a company or trust home-based business
- Measuring the integrity of the AB
In this month's update:
- “Outrageous” deductions rejected
- ATO guidance regarding incorrect ENCC determinations
- ATO watching for foreign income this Tax Time
- The ATO hits the road
- Motor vehicle registries data matching program protocol
A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year, which will reduce overall taxable income in the current year.