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.
Why is good bookkeeping so vital for your financial management? We’ve got some top hacks for maximising your bookkeeping, and the options for outsourcing this job to the professionals.
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.
Need to cut your business expenses? We’ll review your current costs, find the expenses that could be cut, and will provide a proactive spend management programme to reduce your spending.
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 federal government has tabled draft legislation to change tax concessional treatment of very large super account balances from 1 July 2025. Individuals with over $3 million in super will be affected.
Given the high risk of payroll tax audits across the medical and allied health industry, organisations must understand and adapt to the changing payroll tax landscape.
PCG 2022/1 allows a safe harbour for taxpayers to apply prior year non-commercial loses to reduce other assessable income, otherwise prevented by div 35 of ITAA 1997.
If your medical practice pays contractors, you could be caught by tax laws that deem some contractor payments the same as wages. Talk to us today for guidance on what to include and exclude so you don't get surprised by a state payroll tax audit.
A lodgment reminder pilot program has been announced by the ATO, for 3,000 randomly selected employers - PAYG withholding amounts reported by them via STP will automatically become payable as at due date even if no activity statement is lodged.
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.
A bill proposing to increase the instant asset write off threshold in Div 328 of ITAA 1997 from $1,000 to $20,000 has been introduced in the Parliament and awaits approval.
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.
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!