Category Archives: Articles

Working-from-home deductions are an audit target by the A.T.O. this financial year.   The A.T.O. appears concerned that taxpayers claiming their work-from-home tax deduction will simply copy and paste their claim for this year from their previous tax returns.   The A.T.O. surmises that taxpayers’ overall deductions for working from home should be reduced,  principally because the […]

Are you considering starting a family sometime soon? As we all know, having a child costs money. Planning for the birth and the future ongoing cost of the family is imperative. The problem with preparing a family budget is that we are unfamiliar with the additional and ongoing costs. In this article, I plan to […]

In today’s modern age, there’s a concerning fact that demands urgent attention: the alarming decline in financial literacy among young adults. While this term is broadly used in the monetary realm, it is essential for you to understand its core value in manifesting overall wealth.   As a skill that will lay the groundwork for your […]

It is fast approaching 30 June 2024.  To ensure that you can claim a tax deduction for your superannuation contribution, the superannuation fund must receive the contribution before 30 June 2024. With most tax-deductible expenses, you can claim your tax deduction in the year that the tax-deductible expense was paid.  However, superannuation contributions are different; […]

The maximum annual tax-deductible contribution you can make to your superannuation fund is $27,500.  However, you may also be eligible for “carry forward unused contributions”.   What do the maximum annual tax-deductible contributions include?   It is important to note that the limit of $27,500 includes all the following contributions: Note, if you are on a […]

🔍 Unpacking the Federal Budget: What Does It Mean for You? 📊 Stay informed and make smarter decisions based on what’s coming. Click here to read our full breakdown.

The Federal Government announced in the 2023-24 Federal Budget that it would increase cash flow and reduce compliance costs to small businesses by increasing the instant asset write-off threshold to  $20,000 from 1 July 2023 until 30 June 2024.   Note that this measure is still not law.   The budget announcement was on 9 May 2023, […]

From 1 July 2024, the annual limit on tax-deductible contributions to your superannuation fund will increase by $2,500 from $27,500 to $30,000.  These concessional or tax-deductible contributions include the sum of;  When your salary sacrifices superannuation contributions or makes personal tax-deductible superannuation contributions to your superannuation fund, these contributions will be recognised as income in […]

When transitioning your wealth to your children, you must know the legal and tax implications that may affect your estate. While every country has its rules, this blog will focus on the Australian context, shedding light on some key points to consider when planning your wealth succession. Inheritance Tax: A Non-issue in Australia Unlike many […]

It’s a common misconception that a last will and testament dictates the distribution of all assets, including superannuation, upon one’s demise. Most envision that upon their passing, their tangible assets – such as homes, vehicles, savings, furnishings, investment portfolios, and superannuation funds – will be allocated and disseminated according to the directives explicitly stated in […]