In an initiative to promote women’s economic equality, the Labor government has announced plans to pay superannuation on paid parental leave (PPL) for government-funded payments from 1 July 2025.
Tax time 2024 is fast approaching and with many individuals still working from home partially or completely, this quick guide can assist you with completing the calculations for claiming the deduction.
As per amended legislation, from 1 April 2024, the Commissioner will allow utilising adequate alternative records holding all the prescribed information, instead of statutory evidentiary documents for FBT record keeping purposes.
The Labor Government has announced changes to personal tax rates that will provide a tax cut for every Australian taxpayer commencing from 1 July 2024.
The Federal Government announced in the 2023–24 Mid-Year Economic and Fiscal Outlook (MYEFO) that amendments will be introduced to deny deductions for ATO interest charges, incurred on or after 1 July 2025.
The ATO has released 2 taxpayer alerts flagging incorrect R&D tax offset claims where expenditure is incurred by associated entities or activities are conducted overseas for foreign related entities.
Updated ATO guidance means you need to understand whether your contract for services are to an employee or an independent contractor. Getting it right can save you significant hassles and penalties.
The ATO released draft TR 2023/D2 which provides guidance on whether an asset that is made up of a number of parts or components (composite item) is itself a depreciating asset, or whether one or more of its components are separate depreciating assets.
Wondering about the ATO agent nomination process? If you are an existing client, you may not need to do anything. If you are a new client we'll send you information about the steps required to link to us.
The ATO is warning businesses to engage with their tax and super obligations to avoid having their debts disclosed to credit reporting agencies (CRAs).
Are you looking to purchase assets for your business? Eligible businesses can spend up to $20k per asset and immediately claim the tax deduction and GST. Talk to us about the best strategy for purchasing business assets.
The ATO has finalised the luxury car tax (LCT) determination LCTD 2023/1 which provides guidance on determining the principal purpose of a commercial vehicle for LCT purposes.
The small business technology investment boost wrapped up on 30 June 2023. For your 2022–23 tax return, we will be working with you to ensure you get the full bonus deduction that you are entitled to. Work through your next steps here.
Maximize your tax refund! Get the top 10 tax saving tips for salaried Australians. Learn how to implement effective strategies & take advantage of deductions & credits!
Australian medical practices face tax compliance risks including misclassifying employees, incorrectly reporting fringe benefits, income tax complexities, GST liabilities, and inadequate superannuation contributions. The ATO Professional Firms Guidelines govern professional profit distribution.
Do you offer your employees benefits in addition to salary and wages? If so, you may need to report FBT. Fringe benefits can help employees reduce their taxable income but you need to take care of the admin. Get in contact to learn more.
Discover common compliance issues faced by doctors running businesses through companies or trusts and learn how to avoid them. Stay compliant with the ATO to ensure smooth operations and financial success.