Superannuation for Employers Update
The world of superannuation is constantly changing, especially for employers. Here is an update on some key aspects for employers now and moving forward over the next few years. Late Superannuation Currently, if you don’t pay an employees’ superannuation to the right super fund on or before the due date you must lodge a super […]
Tax Averaging for Primary Producers
Tax averaging for primary producers is a system the Australian Taxation Office (ATO) uses to help farmers and others in the agricultural sector manage their tax liabilities if their income fluctuates significantly from year to year. Here’s a breakdown of how it works: Due to the unpredictable nature of farming — influenced by factors like […]
Goods and Services Tax (GST) – a short snapshot!
GST was introduced in Australia on 1 July 2000. It is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia. The 10% rate is relatively low compared to other countries (15% in New Zealand and 20% in United Kingdom). GST replaced the Wholesale Sales Tax (WST), and […]
Negative Gearing & Capital Gains Tax (CGT) Discount: What Changes Could Mean for Your Finances
We are hearing a lot of political talk at the present in relation to Negative Gearing and Capital Gains Tax. So here is a brief update on the basis of these policies. With next year’s federal election just around the corner, two key areas of taxation will be a hot topic up for debate. Negative […]
Staying Scam Safe
Last year, Australians lost over $2.7 billion dollars to scams! Scams are an ever-growing problem that we are all facing daily, and unfortunately, we can see no end in sight. This is why education and prevention are important now more than ever. We need to educate ourselves on what to do if you find yourself […]
Medicare Levy and Medicare Levy Surcharge – what’s the difference?
This time of year we receive a lot of questions about the Medicare Levy and Medicare Levy Surcharge. So what are they? And what is the difference between the two? Let us explain… The Medicare Levy is an amount you pay in addition to the income tax you pay on your taxable income. According to […]
Tax Treatment of Cryptocurrency Transactions
The number of people investing in cryptocurrencies (“crypto”) is increasing. But did you know that even though it’s a digital currency, taxes may still apply! Crypto is usually treated as an asset and this means that the transactions may be subject to Capital Gains Tax (CGT). Here’s a breakdown of how the different crypto transactions […]
Are you earning Personal Service Income?
Tax time is here, and a question being asked in the tax return is: ‘Are you earning Personal Services Income?’. But what is Personal Services Income? Personal Services Income (or PSI) is when more than 50% of the income you’ve received is a reward for your personal efforts or skills (rather than generating the income […]
It’s TPAR Time!
If you operate a business that provides the services listed below, and pay contractors to help deliver this service, you may need to report these payments to the ATO by lodging a “Taxable payments annual report” (TPAR). The services that may be required to report are: Building and Construction (including most related trades) Cleaning Courier or […]
Year End in your Accounting File
It’s that time of year when everyone is talking about ‘Year End’. But what does that actually mean and what do you actually need to do in your accounting file to ensure you are ready for the new financial year? Basically, it’s time to complete some final checks and steps in your accounting file so […]