In a recent tax case, the taxpayer claimed 100% of his home internet expense for the financial year but failed to keep contemporaneous records. The deduction was reduced to $50 by the ATO. The case went to the Administrative Appeals Tribunal (AAT). During the course of the dispute, the taxpayer provided a record of the […]
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A recent survey conducted online by YouGov Galaxy using a sample of over 1,000 Australians aged between 24 – 39 found the following; 61% do not have a regular savings plan 33% only save occasionally 14% say they live paycheque to paycheque 31% don’t feel comfortable talking about money 54% of millennials want to have […]
As it is fast approaching 30 June 2021, I thought it would be prudent to provide you with a checklist of the things to consider in order to maximise the value of your superannuation fund. Contributions If you are under age 67 you can make voluntary contributions without satisfying the work test. You will note […]
Did you know that in 2008 you could make a tax-deductible contribution to super of $100,000 and a non-concessional or non-deductible contribution to your superannuation fund of $150,000? These generous contribution limits meant that you could spend your 30’s and 40’s financing the growth and development of your children, paying down your mortgage, and leave […]
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If you realised a capital gain this year and your taxable income is greater than $18,200 then it is likely that you will be subject to capital gains tax. To reduce the capital gain you may consider; Additional tax-deductible superannuation contribution to the maximum limit of $25,000. For example, if you are on a salary […]
For most employers, probably not. The Fair Work Ombudsman, however, states that there are ‘limited circumstances where an employer may require their employees to be vaccinated.’ These are: The State or Territory Government enacts a public health order requiring the vaccination of workers (for example, in identified high-risk workplaces or industries). An agreement or contract […]
With JobKeeper coming to an end (March 2021). We anxiously await the impact the cessation of JobKeeper will have on cash flow for Small Business. Along with what the financial viability will be for many small businesses in Australia. As illustrated below, small business plays a critical role in the prosperity of the Australian economy. […]
With JobKeeper coming to an end it is very important that small businesses review their projected income and anticipated expenses for at least the next six months. Small and medium-sized businesses are the employment powerhouse of the Australian economy, and the end of JobKeeper will have a substantial impact on most businesses, particularly small businesses. […]
If so, please ensure that your 2020 SMSF Annual Return is lodged with the ATO on time. When you don’t lodge on time your superannuation fund may be unable to receive contributions until the paperwork is brought up to date. The ATO will change your superannuation status to ‘Regulation details removed’. The Australian Taxation Office […]
If you are a senior you may remember when interest rates were as high as 17% back in June 1987. Since 1987 we have seen interest rates continue to decline to our present-day record-low mortgage rate. Currently, home loan interest rates are less than 2.9% per annum. When home loan interest rates decline it gives […]