What changed on 1 July

What changed on 1 July

A reminder of what changed on 1 July 2022 Business Superannuation guarantee increased to 10.5%$450 super guarantee threshold removed for employees aged 18 and over Lower small business GST and PAYG tax instalments. The total tax liability remains the same....
Tax and the family home

Tax and the family home

Everyone knows you don’t pay tax on your family home when you sell it…right? I take a closer look at the main residence exemption that excludes your home from capital gains tax and the triggers that reduce or exclude that exemption. Capital gains tax (CGT) applies to...
Tax time targets

Tax time targets

 The ATO has flagged four priority areas where people are making mistakes this tax season. With tax season almost upon us, the Australian Taxation Office (ATO) has revealed its four areas of focus this tax season. 1.     Record-keeping2.     Work-related...
What to expect from the new Australian Government

What to expect from the new Australian Government

The Governor-General has sworn in Australia’s thirty-first Prime Minister, Anthony Albanese. The new Government faces plenty of problems and no easy fixes. Here’s what we know so far about their policies. The economy The Government has stated that its economic...
What’s changing on 1 July 2022?

What’s changing on 1 July 2022?

A series of reforms and changes will commence on 1 July 2022. Here’s what is coming up: For business Superannuation guarantee increase to 10.5% The Superannuation Guarantee (SG) rate will rise from 10% to 10.5% on 1 July 2022 and will continue to increase by 0.5% each...
ATO ramps up heat on directors

ATO ramps up heat on directors

Throughout March, the ATO sent letters to directors who are potentially in breach of their obligations to ensure that the company they represent has met its PAYG withholding, superannuation guarantee charge, or GST obligations. These letters are a warning shot and...
Federal Budget 2022-23: For Business

Federal Budget 2022-23: For Business

$120 deduction for every $100 spent on technology From7:30pm AEDT, 29 March 2022 until 30 June 2023 The Government intends to provide a 120% tax deduction for expenditure incurred by small businesses on business expenses and depreciating assets that support their...
Federal Budget 2022-23: Your Superannuation

Federal Budget 2022-23: Your Superannuation

Reduction in minimum superannuation drawdown rates extended again The temporary 50% reduction in superannuation minimum drawdown requirements for account-based pensions and similar products has been extended to 30 June 2023.  Minimum superannuation drawdown rates...
Federal Budget 2022-23: For You and Your Family

Federal Budget 2022-23: For You and Your Family

Temporary reduction in fuel excise From12.01am 30 March 2022 A few jokes are going around social media about the price of fuel. The Government will temporarily reduce the excise and excise-equivalent customs duty rate that applies to petrol and diesel by 50% for six...