For individuals who have retired and met a condition of release, or who have turned 65 and are stillworking, you can receive your superannuation as a super income stream, as a lump sum, or a combination of both. This third option is quite popular for those who have yet to pay out their house, for […]
Super withdrawal options Read More »
For the first time, many Australians are finding themselves in a position where they are being told they owe the ATO money after completing their tax return this year. A significant number of taxpayers in this position are those that are still paying off their HECS/HELP debts – many of them young Australians. Following are
Tax Time: Unexpected first-time debts Read More »
The predicted slowing of the economy in 2023-24 along with the pay day super guarantee (SG) proposal are sure to make cashflow more important than ever for business over the coming months and years, noting that it is one of the biggest difficulties faced by business. To recap, from 1 July 2026, employers will be required to
Maximising Cashflow Read More »
This month’s federal budget confirmed that temporary full expensing (TFE) is now in its final days. To recap, TFE will cease and be replaced by a $20,000 instant asset write-off (IAWO) from 1 July 2023. Changes to depreciation rules and thresholds Under this change, small businesses (aggregated annual turnover of less than $10 million) will
Generous Depreciation In Its Final Days Read More »
Maximizing claims and avoiding audits With the end of the financial year on our doorstep, the ATO has announced its three key focus areas for 2022-23 Tax Time – rental property deductions, work-related expenses, and capital gains tax (CGT). To maximise your claims in this area and protect yourself from ATO audits and adjustments, be
ATO’s 2022-23 Tax Guide: Maximizing Your Deductions Read More »
Reporting arrangement for SMSF From 1 July 2023, trustees and directors of SMSFs must report certain events that affect their member’s transfer balance account quarterly. These events must be reported by lodging a ‘transfer balance account report’ (TBAR) no later than 28 days after the end of the quarter in which they occur. The purpose
New Reporting Arrangements For SMSFs From 1 July 2023 Read More »