From 1 July 2022, the Australian Taxation Office (ATO) advised that a taxpayer can calculate and claim a tax deduction for working from home expenses by either of two methods. The simplest method is the revised fixed rate method. To use this method, you must; This revised fixed rate method entitles you to claim a […]
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With interest rates rising, energy prices increasing, and the well-publicised difficulty in recruiting and retaining staff, many business owners and CEOs feel alone and/or outside their comfort zone. We are currently experiencing unsettled times. According to some forecasters, the Australian economy faces a 40% chance of a recession over the coming 12 months, and they […]
As the saying goes, if you were hit by a bus tomorrow, who would you want your assets to go to? By having a will, and if something unexpected happens, your assets will pass onto the person(s) you choose. Research by comparethemarket.com.au reveals that many Australians do not have a will, including almost half that […]
At the risk of sounding like a Christmas grinch, I have outlined below the income taxation and Fringe Benefits Tax implication of holding a Christmas party at a venue such as a restaurant. The following applies to businesses that are not tax-exempt organisations and do not use the 50/50 split method for meal entertainment. The […]
With a recent change in legislation (passed the Senate and awaits Royal assent), you will have the opportunity to top up your superannuation with part of the proceeds of the sale of your home if you are over age 55 and satisfy the following additional conditions; The downsizer contribution to superannuation is up to $300,000 […]
Does that family member also receive Centrelink or Veteran’s Affairs income support? Assisting a family member to enter aged care is a lot of hard work and a very emotional journey. Many emotional and financial decisions need to be made in a very short time. One of the more difficult decisions is whether the family […]
Investment scams have increased by over 160% compared to last year. Investment scams are becoming more sophisticated and dexterous. In the past, investment scams involved promises of big payouts, quick money or guaranteed returns. Generally speaking, you could surmise that if it sounded too good to be true, it probably was. Now, investment scams are […]
If so, Treasury has proposed changes to the record-keeping requirements to reduce the FringeBenefits Tax (FBT) compliance cost. Fringe benefits – an extra benefit supplementing an employee’s money wage or salary, for example, a company car, private healthcare, etc. The proposal is less stringent on the need to obtain specific documents such as employee declarations. […]
You’ll have more time on your hands, so it’s essential to consider what you want to devote that time to. A study found that 97 per cent of retirees with a strong sense of purpose were generally happy and satisfied in retirement. Think about what gives your life meaning and purpose, and weave those elements […]
Are you or are they considering selling the family home? If you answer ‘yes’ to the above two questions, you may consider taking advantage of making a ‘Downsizer Contribution’ to your superannuation fund. What is the downsizer contribution? The downsizer contribution allows you and your spouse to make an after-tax contribution to your superannuation fund […]