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Posts Tagged ‘taxation’
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
New Div 296 Tax Legislation for Super Balances over $3m
November 27th, 2023Is your super balance over, or approaching, $3 million? In October 2023, the Australian Government introduced draft Div 296 legislation aimed at reducing tax concessions for individuals whose total superannuation balance (TSB) exceeds $3 million. The policy consideration of this measure is to achieve a more equitable Australian Superannuation System, and this new measure isread 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
Financial Advisers: Your Partners in Wealth (Part Three – Optimising Tax, Super, and Beyond)
November 1st, 2023In the first two parts of this series, we touched on the fact that the scope of a financial adviser's role has evolved beyond simply managing investments, now taking on a more holistic, comprehensive approach to serve the complex needs of clients. This evolution includes offering guidance on emotional financial decisions, like planning for Agedread more
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