Many Australians overlook the tax deduction they have available for the premiums paid for income protection insurance. Income protection insurance policies are designed to protect individuals in the event they become unable to work due to sickness or an accident. Policies will generally pay a portion of an individual’s income... read more →
Aug
16
Aug
09
The Budget has made changes that reflect that the current superannuation system is out of kilter with individuals current lifestyles, with the introduction of more flexibility to address this. Concessional contributions Individuals under the age of 75 will now be able to claim tax deductions for personal superannuation contributions. From... read more →
Aug
04
Individuals can claim tax deductions when giving gifts or donations to organisations that have the status of deductible gift recipients (DGR). To be eligible to claim a tax deduction for a gift, the ATO stipulates that it must meet the following four conditions: the gift must “truly be a gift”;... read more →
Jul
29
The Government is now giving individuals a greater incentive to work without being taxed more by making a start to personal income tax relief. The changes will take place from 1 July 2016 and will prevent average full-time wage earners from moving into the second top tax bracket until 2019-2020,... read more →
Jul
23
The ATO is working with insurance companies to assess artworks and collectables owned by taxpayers and identify the owners of these kinds of assets. There has been an increasing concern by the ATO that assets such as collectables are not being properly accounted for. Since these assets may be subject... read more →
Jul
15
The Budget has introduced a series of changes to superannuation tax arrangements that are intended to align superannuation with the purpose of providing income in retirement. The key elements of the superannuation changes include: Introducing a transfer balance cap There will be a $1.6 million superannuation transfer balance cap on... read more →
Jul
09
The ATO has identified that businesses in the supermarket, bakery, computer system design and car retailing industries often need more help meeting their tax and super obligations. From July 2016, the ATO will be undertaking audits of employers who continually fail to meet their obligations, particularly those who do not... read more →
Jul
03
This year’s Federal Budget is based on a ten-year enterprise tax plan designed to stimulate more small business activity by boosting new investment, creating jobs and increasing real wages. One of the key features of this plan is that the small business entity annual turnover threshold will be increased from... read more →
Jun
27
The setup and maintenance of a website can be a costly expense and the rules in relation to what can be claimed are not always clear. Many of today’s small businesses employ the services of a web developer to take care of getting their website up and running since... read more →
Jun
26
The ATO is urging small business owners to adopt the SuperStream standard before the impending 30 June deadline. SuperStream is a standard for submitting superannuation payments and data electronically. It is especially convenient for employers who make contributions to multiple funds as data is sent electronically from a single channel.... read more →