The Australian Government has proposed a ban on life insurers using predictive genetic test results to assess applications, aiming to prevent discrimination and improve access to cover. Here’s what the ban means for insurers and individuals. What Is Predictive Genetic Testing? Predictive genetic tests identify gene variants associated with heritable disorders that may develop later...Read More

The introduction of ‘payday super’ marks a significant shift in how superannuation guarantee (SG) payments will be managed in Australia. Here’s an overview of what’s changing and the implications for employers. What Is Payday Super? From 1 July 2026, employers will be required to pay SG contributions to employees’ super funds on the same day...Read More

The main residence exemption exempts your family home from capital gains tax (CGT) when you dispose of it. But, like all things involving tax, it’s never that simple. As the character of Darryl Kerrigan in The Castle said, “it’s not a house. It’s a home,” and the Australian Taxation Office’s (ATO) interpretation of a main...Read More

Brace yourself: 2024 brings fresh tax cuts and a higher superannuation guarantee, reshaping your finances and business obligations in unexpected ways! Personal tax & super As of July 1, 2024, significant financial changes are in effect due to the introduction of personal income tax cuts and an increase in the superannuation guarantee rate to 11.5%....Read More

For many small business owners, their business is their largest asset and for many, one that is expected to help fund their retirement. But what is your business worth and what sets a high value business apart? Every business owner is naturally curious about just how much their business is worth.  However, for every business that...Read More

From 1 July 2024, the amount you can contribute will increase from $27,500 to $30,000 for concessional super contributions; $110,000 to $120,000 for non-concessional contributions. Growing Your Super Contribution caps are indexed to wages growth based on the December quarter average weekly ordinary times earnings (AWOTE) of the previous year. Indexation Impacts The Following Areas:...Read More

It is common for business owners to devote their money into a business to get it up and running until it can sustain and survive on its own. A recent case highlights the dangers of taking money out of a company without considering tax implications. Case Study – Private and Company Expense A taxpayer who...Read More

The Fringe Benefits Tax year (FBT) ends on 31 March 2024. In late 2022, as an incentive to promote electric vehicles (EV), the Australian Government allowed employers to provide EV to employees without incurring 47% FBT for private use. The condition of the exemption applies to: Electric cars Hydrogen fuel cell electric cars Plug-in hybrid...Read More

Late 2023, thousands of Australians were notified about an outstanding historical tax debt that they never knew about. In circumstances when a taxpayer is in serious hardship and unable to pay the ATO, the ATO can temporarily decide to not pursue a debt and place it “on hold”. However, it is not extinguished and can...Read More

In the latest advisory from the ATO, Solomons Accountants & Advisers reminds you that simply labelling a worker as an independent contractor in an agreement doesn’t automatically classify them as such for tax and superannuation purposes. It’s important to understand the true nature of the working relationship to determine the correct classification. When a written...Read More