As ‘tax time’ approaches, the ATO has announced it will be focusing on three common errors made by taxpayers: Work-Related Expenses In 2023, over 8 million people claimed work-related deductions, with around half relating to working from home. The ATO revised the fixed rate method for calculating working from home deductions, expanding what is included, […]
ATO Identifies Key Focus Areas for Tax Time 2024 Read More »
The Australian Taxation Office (ATO) has found that nine out of ten residential rental property investors audited have made errors in their tax returns. Here are some common tax traps and pitfalls to be aware of: Apportionment of Rental Income and Deductions If a rental property is jointly owned, the income and deductions must be
Rental Properties – Traps and Pitfalls Read More »
Jim Chalmers delivered his third Federal Budget on 14 May 2024, forecasting to deliver a surplus of $9.3 billion for this financial year. Read the summary here.
2024 Federal Budget Summary Read More »
With the end of financial year fast approaching, now is a great time to boost your superannuation savings and potentially save on tax. Below are six superannuation strategies to consider before 30 June 2024. Use the carry forward concessional contribution rules If you want to make up for lost time and make extra contributions to top
Six super strategies to consider before 30 June Read More »
Understanding payments, loans, and the importance of compliance Operating a family-owned business introduces a unique set of challenges, particularly in the realm of tax management. How payments from the company to its owners or their associates (like a spouse) are handled can have significant tax implications. Dividend classification Generally speaking, any payment from a company
Family Companies and the Many Tax Traps Read More »
There have been changes to the administration of not-for-profit organisations that self-assess as income tax exempt. Key changes Action steps for charitable Not-For-Profits Eligibility breakdown To be eligible for charity registration, an organisation must: Your organisation must also have an Australian Business Number (ABN) with the right ‘entity type’. Understanding your charitable purpose The Charities
NFPs May Need To Register For Income Tax Exempt Status Read More »