Understanding Interdependency and Financial Dependency

Dealing with what happens after someone passes away can be confusing, especially when figuring out who qualifies as someone who relied on the person or needed their financial help. Let’s break it down into two important categories: Interdependency and Financial Dependency. Being Close: The Interdependency Connection An interdependency relationship is like a close friendship, where … Continue reading Understanding Interdependency and Financial Dependency

Unveiling the Small Business Energy Incentive

Introduction: In the ever-evolving landscape of business incentives, there’s a new player in town ready to supercharge your energy efficiency efforts—the Small Business Energy Incentive. As we bid farewell to the Technology Investment Boost, the Energy Incentive steps up with a compelling 20% bonus tax deduction on qualifying expenditures. In this blog, we’ll explore the … Continue reading Unveiling the Small Business Energy Incentive

What You Should Know About Tax Residency in Australia

Understanding whether you’re considered a resident for tax purposes in Australia can be a real head-scratcher. It’s not just about holding a passport – it involves a complex web of factors. Let’s break it down in simple terms. What’s the Big Deal About Tax Residency? Being an Australian tax resident means you’re on the hook … Continue reading What You Should Know About Tax Residency in Australia

Demystifying Superannuation Death Benefits

Introduction When planning for the future, understanding what happens to your superannuation (super) after you’re gone is crucial. Let’s break down the complex jargon into simple terms so you can make informed decisions about nominating beneficiaries. What happens to your super when you’re no longer around? Unlike your other assets, your super doesn’t automatically become … Continue reading Demystifying Superannuation Death Benefits

Decoding FBT Exemptions for Tradies and Utes: What You Need to Know

Introduction In recent times, the Australian Taxation Office (ATO) has raised concerns about potential misuse of the Fringe Benefits Tax (FBT) exemption for utes and panel vans, particularly in cases where private use is claimed to be minimal. As utes, especially dual cabs, continue to dominate the Australian new car market, employers providing these vehicles … Continue reading Decoding FBT Exemptions for Tradies and Utes: What You Need to Know

Understanding Work-Related Items and Fringe Benefits Tax Exemptions

Introduction: In the realm of employee benefits, employers are always looking for ways to provide valuable perks that also make financial sense. One such avenue is the Work-Related Item Fringe Benefits Tax (FBT) exemption. Let’s delve into the basics and explore how employers can maximise this cost-efficient benefit. What qualifies as a Work-Related Item? A … Continue reading Understanding Work-Related Items and Fringe Benefits Tax Exemptions