Are you dealing with complex tax or superannuation issues? Feeling a bit lost or overwhelmed? Don’t worry; you’re not alone. Many people face tricky legal questions in these areas, and that’s where barristers come in handy. Let’s break it down. What’s a Barrister? Think of them as legal specialists. They’re experts in giving advice and … Continue reading Why You Might Need a Barrister for Tax and Super Matters
Good news for those planning for retirement! Starting July 1, 2024, there will be an increase in superannuation contribution caps, making it easier for you to save more for your future. What are contribution caps? Contribution caps are limits the government sets on how much money you can add to your superannuation each year. There … Continue reading Super Contribution Caps to Increase in July 2024: What You Need to Know
Are you considering selling your small business? If so, understanding the ins and outs of Capital Gains Tax (CGT) small business concessions could save you significant money. In this guide, we’ll break down the essential information you need to know, including how to leverage the CGT small business rollover for maximum tax benefits. First off, … Continue reading A Guide to CGT Small Business Rollover
Introduction: In a perfect world, banks would always do right by us, giving good advice and being transparent. But sometimes, they mess up. When this happens, regulators step in to fix things and compensate those who get hurt. If you find yourself getting money back from your bank, you might wonder if you have to … Continue reading Making Sense of Taxes on Money You Get Back from Your Bank
Introduction: Working from home has its perks, and one of them is the chance to get some money back through tax deductions. In this blog, we’ll break down who can claim these deductions, what expenses count, and the easy ways to figure it all out. Let’s make sure you’re not missing out on extra cash! … Continue reading How to Claim Your Own Home Office Expenses
Introduction: Investing wisely is not only about making sound financial decisions but also about maintaining meticulous records. Keeping accurate and organised records of your investments is crucial for reporting income, claiming deductions, and ensuring compliance with tax regulations. In this blog post, we’ll explore the essential records you should maintain, why they are important, and … Continue reading A Guide to Keeping Impeccable Investment Records
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: Franking credits can be a helpful perk in Australia’s tax system, lowering taxes on dividends for shareholders. But tax-exempt groups need to be careful not to lose out on franking credit refunds. In this blog post, let’s break down the tricky part of the law, subparagraph 207-122(b)(i) of the Income Tax Assessment Act 1997 … Continue reading Franking Credits: A Simple Guide for Tax-Exempt Groups
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
