Accounting and Tax

Although this year’s Federal Budget was short on big changes when it came to tax, there have still been some important developments in this area. Here are some of the latest developments in the world of tax. Small business tax incentives and write-offs The budget...

Family trust rules and new guidance on contractors The Australian Taxation Office (ATO) has confirmed its position on family trust distributions, while also providing employers with new information to simplify completion of Single Touch Payroll (STP) activity...

The rollout of electronic invoicing (or eInvoicing) is gaining momentum in Australia – and globally – as a new and more efficient way to deal with the paperwork involved in sending and receiving business invoices and procurement documents. For small business owners,...

Tax compliance, higher fines in spotlight Business taxes remained largely unchanged in the second Federal Budget of 2022, but employees working from home can expect less generous deduction rules for the 2022-23 financial year. Here’s some of the latest tax...

With the tax regulator taking a more aggressive approach to tax debts and reviewing work from home deduction rules, tax issues could become a higher priority in 2022-23. Here’s a roundup of some of the latest developments in the world of tax. Consultation on working...

With the cost of living on the rise, it’s more important than ever to have a financial safety net that protects you and your family in case the unexpected happens. Most Australian employees have some form of life insurance, often through their superannuation fund, but...

After taking a softly, softly approach with taxpayers during the pandemic, the ATO has made it clear it will start chasing taxpayers for their outstanding tax related debts. Starting with its aged debt book, the ATO is sending letters to taxpayers asking them to...

While the new financial year is a line in the sand that is important from a taxation perspective, it can also be a useful point to take a step back and take stock of the bigger picture – your personal and professional goals. Goals are important from a personal...

With the end of financial year fast approaching, now's the time to make the most of opportunities to maximise super and tax benefits. Superannuation Contributions Concessional Contributions under age 75 The standard limit of $27,500 per annum of concessional (before...

This year’s Federal Budget was full of talk about one-off support for households in the form of tax offsets, but most people are a bit hazy on the difference between a tax offset and a tax deduction. Both can help reduce the amount of tax you pay each year, but a tax...

This time of year, people’s thoughts start turning to their tax return, but it can also be a good time to set things up so you don’t pay more tax than required next financial year. Simply talking to your employer about setting up an arrangement to “sacrifice” some of...