Retirement is a big milestone in one’s life, and it brings with it the critical choice of how to access superannuation savings that have been meticulously amassed over the years. There are numerous super withdrawal choices accessible to retirees who have satisfied the terms of release or are at least 65 years old and continue … Continue reading Super Withdrawal Options in Retirement
Introduction Research and development (R&D) plays a critical role in defining the landscape of industries in the domain of innovation and advancement. Recognizing the importance of R&D activities, governments throughout the world frequently offer tax breaks to encourage businesses to participate in them. The Australian Taxation Office (ATO) has issued a reminder on tax offsets … Continue reading R&D Tax Offsets: A Closer Look at Recent ATO Reminder
Introduction The landscape of Self-Managed Superannuation Funds (SMSFs) has been significantly influenced by recent interest rate hikes, with trustees facing challenges and opportunities alike. As SMSF trustees grapple with the implications of higher interest rates on limited recourse borrowing arrangements (LRBAs) and investment strategies, it’s essential to understand the changing dynamics and make informed decisions. … Continue reading Understanding SMSFs and the Effects of Rising Interest Rates
Introduction As the Christmas season approaches or birthdays arrive, many companies opt to show their appreciation for their workers’ hard work and devotion by gifting them. What appears to be a simple gesture, however, might have tax repercussions that firms must be aware of. We’ll dig into the tax treatment of employee gifts in this … Continue reading A Tax Guide for Employers: Navigating Employee Gifting
Introduction As tax season progresses, many Australians are seeing a noticeable shift: Some people are owing money to the Australian Taxation Office (ATO) for the first time. This is especially true for young Australians who are still repaying their HECS/HELP loans. In this blog article, we’ll look at some common misconceptions and realities about unexpected … Continue reading Navigating Unexpected Tax Debts and Common Myths for Australian Taxpayers
Introduction Trusts have long been a popular legal and financial instrument for business structuring and asset management. They provide benefits like asset protection, income distribution flexibility, and possible tax advantages. However, recent developments and crackdowns by tax authorities such as the Australian Taxation Office (ATO) have raised concerns about the viability of trusts for business … Continue reading Trusts – Are They Still Worth It? Navigating the Changing Landscape
Many businesses around the world rely on payroll software to pay their employees. Australia is not unique in this regard. The Australian payroll system can be complex depending on the industry that you work in. The number of employees can also affect the flexibility of the method used. Australian payroll software needs to also consider … Continue reading Understanding Australian Payroll Basics
