On 20 February 2023, Treasury released a consultation paper on legislating the purpose of superannuation. This is an idea that has been around since 2016 when the former Coalition government contemplated doing the same thing. The government says that legislating an objective of superannuation will provide stability and confidence to policymakers, regulators, industry, and the … Continue reading Legislating the purpose of superannuation
Are you one of the five million Australians who claim work-from-home deductions? If so, stricter record-keeping rules may now apply. For this financial year and moving forward, there are now only two methods to calculate your work-from-home claim: 1. Revised fixed rate method (with new rules applying) 2. Actual costs method (unchanged). The actual costs … Continue reading New work-from-home record-keeping requirements
Last year 9,700 individuals applied for compassionate release of supper for dental treatment expenses, and 82% were approved. Out of those approved, 9% were for a dependent child’s dental treatment, which could include braces. What is the pathway for access? While normally superannuation must be preserved for retirement, there are limited exceptions. One of these … Continue reading Super teething issues
On the superannuation front, we now have two major reports assessing how super accounts fared in the 2022 calendar year. SuperRatings issued its average balanced return recently and found it was minus 4.8%. Late last year, ChantWest undertook a similar exercise – reporting a figure of minus 4.6%. There have been four negative years since … Continue reading Crystalising capital losses
With the end of the FBT year approaching, are your car logbooks in order? The operating cost method is used by many employers to calculate their car FBT liability. This method is particularly effective where the business use of the vehicle is high. Keeping a logbook is essential to use the operating cost method. Employees … Continue reading FBT and car logbooks
The ATO is encouraging accountants to educate clients about varying PAYG instalments – this can potentially assist cash flow. To recap, PAYG (pay-as-you-go) instalments allow business taxpayers to make regular prepayments towards the tax on their business and investment income. This is in contrast to salary and wage earners who already make payments by having … Continue reading PAYG instalment variations
The 2023 FBT year ends on 31 March 2023, so it’s a good time to start thinking about your FBT obligations. You’ll need to work out if you have an FBT liability for fringe benefits you’ve provided to your employees or their associates between 1 April 2022 and 31 March 2023. If you have an … Continue reading Fringe Benefit Tax
What You Need to Know The Australian Securities and Investments Commission (ASIC) has recently cancelled the registration of 374 auditors of self-managed superannuation funds (SMSFs) who failed to lodge their annual statements. This is a crucial step taken by ASIC to maintain trust and confidence in the SMSF sector, which holds more than $865 billion … Continue reading ASIC Cancels Registration of 374 SMSF Auditors
As a tradesperson, managing your finances can be a daunting task. From keeping accurate records to staying compliant with tax laws, there are many challenges that can arise when managing your accounting and bookkeeping. In this blog, we will outline some of the key challenges faced by tradies and how to overcome them. 1. Keeping … Continue reading Top 10 Challenges As A Tradie To Manage Your Finance
A customer credit policy is an important aspect of any business, as it helps to manage the financial risk associated with extending credit to customers. By setting clear guidelines for credit approval, credit limits, and collections, a credit policy can help to ensure that a business is able to maintain a healthy cash flow and … Continue reading 10 Easy Steps You Can Turn Customer Credit Policy Into Success
