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

The Instant Asset Write-Off brought in 2023-24 has been extended until June 30 2025. This write-off threshold was increased from $1000 to $20,000 back in 2023-24. What does that mean for you? The increase in the instant asset write-off threshold offers a significant cash flow benefit to small businesses. This allows them to claim an...Read More

As the end of the financial year approaches, here are some areas at risk of increased ATO scrutiny and opportunities to maximise tax deductions. For Individuals Opportunities Bring forward your deductible expenses into 2023-24. Prepay your deductible expense where possible, make any deductible superannuation contributions and plan any philanthropic gifts to utilise the higher tax...Read More

The ATO is cracking down on business owners who take money or use company resources for their personal uses. With a blurry line between personal and working life for business owners, they often utilise company resources for their personal uses. Whilst there are tax laws preventing individuals from accessing profits or assets of the company...Read More

Wealth transfer from the baby boomer generation has begun and home ownership is the catalyst. The average price of a home around Australia (from highest-lowest) is: NSW: $1,184,500 ACT: $948,000 VIC: $895,000 NT: $489,200 With the target cash rate expected to remain steady at a 12-year high of 4.35% in 2024, parents and family feel...Read More

The ATO has signalled that it is willing to pursue professional services firms who divert profits to avoid tax. Two new cases before the Administrative Appeals Tribunal demonstrate how serious the Australian Taxation Office (ATO) is about making sure professional services firms – lawyers, accountants, architects, medical practices, engineers, architects etc., – are appropriately taxed. ...Read More

The 2024-25 Federal Budget is the third for the Albanese Government and consistent with previous years, the primary themes are expected to be the cost of living and the economic shift to net zero.  According to election guru Antony Green, the window for the next election starts on Saturday, 3 August 2024, “the first possible date...Read More

The ATO has issued a warning to trustees of SMSFs about sloppy valuation practices. ATO data analysis has revealed that over 16,500 self managed superannuation funds (SMSFs) have reported assets as having the same value for three consecutive years. With many of these assets residential or commercial Australian property, you can forgive the ATO for...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