Updates to SG & Medicare Levy Surcharge May 31, 2023 Lewis Thomas The government’s 23/24 Federal Budget has released a range of measures including changes and updates to super guarantee and changes to the current Medicare levy surcharge threshold. Changes to Super Guarantee (SG) While the minimum surcharge will continue to increase 0.5% every year, The Government will introduce legislation requiring employers to pay super on payday […] Read More
We are all Busy! May 24, 2023 Karen Grainger I often have conversations with others in the office about how there are not enough hours in the day. How life is so busy, and how we are all searching for that illusive work/life balance so often talked about. This article by Megan Breen lists 5 ways to build your resilience. She says these are […] Read More
Building Healthy Financial Habits May 10, 2023 Emily Moore Have you ever checked your credit card or bank balance and wondered how you spent that much money? Poor financial habits can be a big stress factor if it means you are struggling to meet your monetary obligations. Luckily, there are some simple tips and techniques anyone can use to start building healthier financial habits […] Read More
Can you claim landscaping expenses as a tax deduction? April 19, 2023 Emma Koschitzke Generally speaking, landscaping is considered to be an improvement to your property and therefore not tax deductible. It is instead a cost that will be added to the cost base of your property and will reduce any capital gain on the sale of the property in the future. The Income Tax Act states that construction […] Read More
Director Penalty Notices and Personal Liability April 12, 2023 Daniel Blay During the Covid-19 pandemic, the Australian government implemented economic response measures like Job keeper, instant asset write offs, and accelerated depreciation to boost cash flows. The ATO also took a raft of administrative actions; curtailing enforcement activities, negotiating payment plans for tax debts, remitting interest and penalties and allowing extensions of time for yearly repayment […] Read More
Superannuation Reminder for Employers April 3, 2023 Tilak Khatri You must pay super guarantee contributions for eligible employees. Super guarantee is in addition to salary and wages. You will need to pay: You may be able to use the free Small Business Superannuation Clearing House to make super contributions for your employees. You provide the contribution information for all your employees and make a single electronic […] Read More
What to do if you have been scammed March 15, 2023 Sally Hateley Nearly $1.8 billion in losses due to scams were reported last year, due to the fact that only about one-third of victims report this to anyone. It is estimated that this figure is actually in excess of $2 million. So this begs the question, what should you do if you have been scammed? You will […] Read More
Last Call for Temporary Full Expensing March 8, 2023 Ryan Schirmer The past few years have seen the depreciation rules change several times; 50% upfront deductions for new plant & equipment under the ‘Backing Business Investment’, increasing the Instant Asset Write to $150,000 and most significantly, from the 6th of October 2020, including Temporary Full Expensing (TFE), which effectively uncapped Instant Asset Write-Off. After a few […] Read More
Unclaimed Money March 1, 2023 Ross Laycock Unclaimed money is money that cannot be reunited with its rightful owner because, for example, the person has moved address, changed their name, or forgotten about it. Unclaimed money can be any amount $20 and over, including: Every year, millions of dollars end up in the Victorian Unclaimed Money Register waiting to be collected by […] Read More
ATO finalises revised fixed rate for work from home expenses February 22, 2023 Natasha Gardner The Australian Taxation Office (ATO) has refreshed the way that taxpayers claim deductions for costs incurred when working from home. Whilst these changes take effect from March 1st 2023 they will be effective from July 1st 2022. Key changes between the previous and revised fixed rate are: Revised fixed-rate method The revised fixed-rate method apportions […] Read More
