Victoria’s Vacant Residential Land Tax August 28, 2024 Kerry Schultz The Vacant Residential Land Tax (VRLT) is in addition to the current Land Tax and short-term rental tax property owners are now facing. The current Vacant Residential Land Tax applies to residential properties left empty for more than six months and have not undergone significant renovation/reconstruction in the inner and middle suburbs of Melbourne. From […] Read More
Every Day I’m Hustlin’ August 21, 2024 Ryan Schirmer With the rise of social media like TikTok, the thousands of ideas are spread by the hour on how to earn extra coin on the side. Being part of the ‘Gig’ economy such as ridesharing, freelancing or having a ‘Side Hustle’ like drop-shipping and social media content creation might earn you some spare cash. If […] Read More
SUPERANNUATION $3 MILLION DOLLAR RULE – What is happening? August 14, 2024 Matt Richardson In June 2023 I wrote a blog article in relation to Labor’s proposal to introduce a new 15% tax on the superannuation savings of taxpayers with balances over $3.0m. This tax, if and when it becomes law, will be known as Division 296 tax. In short, an extra 15% tax will apply on earnings on […] Read More
Children’s bank accounts August 8, 2024 Holly Nuske You may wonder why your child has been taxed 47% on the interest on their bank account. If your child is under 18 years old and has a savings account, you may be subject to interest. Who declares interest? Who uses or owns the funds in the account determines who declares the interest (no matter […] Read More
Australian Government Parental Leave Pay changes from 1 July 2024 July 31, 2024 Georgia Muegel There are a few changes to the Australian Government’s Paid Parental Leave Scheme from 1 July 2024. Summarised below they are: Your child’s date of birth or adoption date determines how many days of Parental Leave Pay you can get. The scheme has been increasing the number of weeks/days of Parental Leave Pay from 1 […] Read More
A business checklist for Tax Day July 24, 2024 Jessie Lakin Now that the 2024 financial year has come to an end, it is time to start thinking about preparing for your year-end tax work. There are many things to think about when trying to prepare for your business’s tax and it can get overwhelming when you aren’t sure what you need to provide. So here […] Read More
Superannuation changes as of 1 July 2024 July 17, 2024 Kayla Hawker As of 1 July 2024, several changes have been made to Superannuation payments that impact employees and business owners. Superannuation Guarantee rates go up to 11.5% Your employer must contribute 11.5% of you ordinary time earnings salary in 2024-2025 into your super fund. This contribution is known as the Superannuation Guarantee (SG) contribution. The SG […] Read More
Payroll Tax July 10, 2024 Kathryn Hamilton What is it? Yes – another tax… It is a state/territory tax . Not all businesses have to pay payroll tax. You must pay when your total Australian wages are over the tax-free threshold for your relevant state or territory. Thresholds and tax rates vary between states and territories. As we are based in Victoria, […] Read More
Inherited Assets and Cost Base July 3, 2024 Karen Grainger Have you inherited shares or property from a deceased person? If you have and are planning to sell these assets, you need to know what you cost base is to calculate if you have a taxable gain or loss on the asset. Determining the cost base of an asset can be challenging. Sometimes the records […] Read More
Deductible Rental Property Expenses June 26, 2024 Emma Glover If you own a rental property that is rented or is genuinely available for rent, you can claim a deduction for certain expenses during for the period. However, you cannot claim a deduction for your personal use of the property, or any expenses covered by the tenant. Below is a list of the common tax-deductible […] Read More
