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Posts Tagged ‘tax’
Super Contribution Caps Set to Increase on 1 July 2024
April 17th, 2024As the end of the financial year approaches, Australians will soon have an opportunity to significantly boost their retirement savings thanks to the upcoming increase in super contribution caps, effective from 1 July. While there are a number of different routes through which you can add value and funds to your retirement, additional super contributionsread more
Act Now: ATO Interest Charges Will Soon be Non-Deductible
March 13th, 2024Do you have ATO interest charges hanging over you? Hoping to claim them as a tax deduction when you pay them off? If so, read on, because a recent Government announcement aims to put a stop to interest charge deductibility. Previously, general interest charge (GIC) and shortfall interest charge (SIC) could be claimed as aread more
Self-Managed Superannuation Fund (SMSF) Loans – A Quick Guide
March 1st, 2024SMSF Loans - have you ever thought about setting up a Self-Managed Superannuation Fund (SMSF) to secure a loan? Maybe you have a SMSF in place and want to know what your options are. In either case, read on! In this article, we’ll be looking at how to make an informed decision about the appropriatenessread more
Understanding Stage 3 Tax Cuts
January 30th, 2024You’ve doubtless heard the term “Stage 3 Tax Cuts” in the headlines recently, but what’s it all about? The Australian Government is set to implement significant changes to the tax system with Stage 3 Tax Cuts, initially legislated a few years ago under the Morrison government. The federal cabinet has recently approved adjustments to thisread more
Does My Business Need to Pay Payroll Tax?
January 24th, 2024As a business owner in Australia, navigating the complex landscape of taxes and employer obligations can be challenging, and payroll tax is no different. Legislative changes in mid-2023 means it’s as important as ever to stay informed and compliant with payroll tax laws, and understanding it is key. This includes knowing if your business isread more
Gearing an Investment Property in 2024
January 10th, 2024The virtues of ‘Positive Gearing’ versus ‘Negative Gearing’ regarding property investment can spark debate and confusion, often without those involved in the conversation having much concrete knowledge about the topic. What’s more, property investors can have unique circumstances and goals. What is important to know, though, is how to make the most of gearing –read more
Update – Div 296 Tax Legislation Arrives 1 July 2026
November 27th, 2023If your superannuation balance is above, or approaching, $3 million, an important new tax measure is about to take effect. From 1 July 2026, Division 296 introduces an additional tax for individuals with higher super balances. While the original proposal created strong debate, the legislation is now moving into effect and high-balance members should reviewread more
Airbnb Tax Crackdown – Your Compliance Guide
November 21st, 2023Are you one of the record number of Australians with Airbnb, Uber, or other sharing economy income? The ATO’s recent tax crackdown on the “side hustle” has seen data-matching ramped up to ensure compliance, with inflated deductions and omitted income firmly in their sights. With this increased level of scrutiny, how can you stay outread more
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