Introduction: Investing in managed investment trusts can be a smart financial move, but understanding the tax implications is crucial. This blog will guide you through the complexities of managed investment trusts, covering topics such as trust income, losses, deductions, and capital gains. Let’s unravel the mysteries surrounding these financial instruments. Types of Managed Investment Trusts … Continue reading The Secrets of Managed Investment Trusts
Introduction: Understanding which income to tell the taxman about can feel like finding your way through a maze. In this blog, we’ll break down the different types of income you might have and make it easier to report them correctly on your tax return. Money from Work: Your job is where you get your main … Continue reading Your Simple Guide to Declaring Income on Your Taxes
Introduction: Let’s talk about recent updates from the Australian Taxation Office (ATO) regarding Research and Development (R&D) tax incentives. They’ve raised concerns about businesses claiming these incentives in ways that might not be fair or right. Two new alerts, TA 2023/4 and TA 2023/5, highlight specific issues—let’s break them down in simpler terms. Taxpayer Alert … Continue reading Latest Guidance on Research and Development (R&D) Claims
Introduction: As we usher in the new year, 2024 brings about a significant change in the Deductible Gift Recipient (DGR) landscape in Australia. The Australian Taxation Office (ATO) is set to take on the administrative reins of four unique DGR categories, promising a more streamlined and efficient process for not-for-profit (NFP) organisations seeking endorsement. In … Continue reading The new DGR endorsement measures take effect on January 1, 2024
Introduction: The holiday season is upon us, and while gifts under the tree are delightful, have you considered giving yourself a gift that keeps on giving? Picture this: a super gift that not only doesn’t cost a thing but sets the stage for a financially secure future. Intrigued? Let’s talk about the ultimate super gift … Continue reading The Ultimate Super Gift for Yourself this Christmas
Introduction: Owning a holiday home can be a dream come true for many Australians, providing a retreat from the hustle and bustle of everyday life. However, when it comes to tax time, holiday homeowners need to navigate the rules surrounding deductions accurately. This blog aims to shed light on the key considerations and questions to … Continue reading Wonderland for Your Holiday Home
In today’s rapidly advancing technological landscape, scams have become increasingly sophisticated, making it crucial for individuals to be vigilant and proactive in protecting themselves. As part of the National Anti-Scams Centre’s annual Scams Awareness Week, we want to empower you to Stop, Think, and Protect against the rising tide of scams, particularly those impersonating trusted … Continue reading A Guide to Recognising and Reporting Scams in Your Digital World
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
Introduction: Hey there, small business owners! If you’re looking for a win-win situation that involves levelling up your team’s skills and enjoying some sweet tax deductions, you’re in the right place. Let’s dive into the exciting Small Business Skills and Training Boost world. What’s the Buzz All About? Running a small or medium-sized business comes … Continue reading Give Your Small Business a Skills Boost and Save on Taxes Too!
Introduction: Want to pay less in taxes while securing your future? Superannuation, Australia’s retirement savings plan, has a cool trick for personal deductible contributions. Let’s break down how it works, especially when combined with catch-up concessional contributions, to help you save on taxes. In this blog post, we’ll explain personal deductible contributions, the cap on … Continue reading Save Money on Taxes with Smart Super Contributions
