Proposed 30% Tax on High Super Balances The government proposes a 30% tax on high super balances, as announced on February 28, 2023. Starting from July 1, 2025, any superannuation balances above $3 million will be subject to a concessional tax rate of 30% on future earnings. It’s important to note that this proposal has […]
Proposed 30% Tax Increase on High Super Balances Explained Read More »
Re-contributing COVID-19 Early Release Super Amounts Re-contributing COVID-19 Early Release Super Amounts is a complex process but a great way to grow your super funds. Many individuals have been impacted financially by the COVID-19 pandemic, leading to changes in money management. To provide relief during this crisis, the government opened access to superannuation funds under
COVID-19 Re-contribution Early Release Super Amounts Read More »
Claim Fuel Tax Credits and Reduce Your Business Expenses in 2023 If you own a heavy vehicle, you can apply for fuel tax credits to help with the cost of eligible fuels used. We understand that running a business takes hard work, and savings do matter. With the periodic lodgement of fuel tax credits to
How to Claim Fuel Tax Credits and Reduce Your Business Expenses in 2023 Read More »
Cutting self-education expenses off your taxable income is one of the best tax-saving strategies available to you. It’s tax season, and as we all know, it can be a stressful time. But this year, taxpayers with self-education expenses have something to look forward to! Starting with the 2023 tax return, the $250 minimum threshold for
Maximise Deductions for Self-Education Expenses in 2023 Read More »
If you use online sharing economy platforms such as Airbnb, Uber, Menulog, Airtasker, Freelancer, and Car Next Door, it’s important to be aware of the changes to the Taxable Payments Reporting System (TPRS). Soon, these platform operators will be required to report transaction information directly to the Australian Taxation Office (ATO). As a freelancer or
Sharing Economy Reporting Regime (SERR) Passes New Requirements for EDPs in 2023 Read More »
If you are running a business and have employed workers and your weekly total gross wages are over $25,000 you may need to register and pay payroll tax. Each type of taxation has its own guidelines, so you’ll need to discuss your circumstances with your accountants. With this, we’ve created this basic guide to payroll
A Guide to Payroll Tax in Queensland Read More »
When people are asked what accountants do, they frequently mention the responsibilities of tax agents and independent auditors. This only shows how often the functions of professional accountants are misunderstood. Therefore, it is even more important to stress the importance of hiring an accountant for businesses, including private medical practices. The medical field’s need for
Accountant for Businesses: What an Accountant Can Do for Your Private Medical Practice Read More »
“She works hard for the money,” Donna Summer once said. Her song still resonates for most adults now. Although we do not want to share something that we worked hard for, we have to give some to the government. It is how things work and that is where tax minimisation strategies come into play. Everyone
4 Crucial Tax Minimisation Strategies for High Income Earners Read More »
Are you running a small business? If so, you may be wondering if you can handle taxes all by yourself or if there are already enough reasons to hire accountants to assist you with taxes. With the new myTax system provided by the government, DIY taxes is seemingly something that you should be partaking in.
4 Reasons to Hire Accountants to Assist You With Taxes Read More »
Amidst the Omicron COVID-19 wave and with our government shortening booster dose intervals, many businesses are encouraging their employees and customers to either get vaccinated or get their booster dose by offering rewards or incentives. It is important to consider that there may be some tax implications such as consequences involved. If your business provides
COVID-19 Vaccination Rewards: Tax Implications Read More »
