Super guarantee opt-out for high income earners
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Super guarantee opt-out for high income earners From 1 January 2020, eligible individuals with multiple employers can apply to opt out of receiving super guarantee (‘SG’) from some of their employers, to help them avoid unintentionally going over the concessional contributions cap. If appropriate for them, they should submit the relevant ATO form to apply for an SG […]
Deductions for a home-based business
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Deductions for a Home-based business The ATO has reminded taxpayers that, if they run their home-based business as a company or trust, their business should have a genuine, marketrate rental contract (or similar agreement) with the owner of the property. The agreement will determine which expenses the business pays for and can claim as a deduction. If there […]
Tax cuts become law
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Tax cut become law The Government has announced that more than 10 million Australians will receive immediate tax relief following the passage of legislation through the Parliament, which increases the top threshold for the 19% tax rate from $41,000 to $45,000 and increases the low income tax offset from $645 to $700 in […]
Principle place residence CGT exemption when there is no “residence”
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Principle place residence CGT exemption when there is no “residence” There is a concession in the CGT rules that can allow a taxpayer to treat a property as their “main residence” even though it does not yet have a habitable dwelling. It is a widely recognised fact that an exemption to capital gains […]
Year-end Tax Tips
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Year-end Tax Tips Having a tax plan in place before 30 June will enable you to make strategic decisions to maximise your returns come tax time. Taking advantage of instant asset write-off Acquiring any depreciating asset (that is first used or installed ready for use after on or after 7.30pm 2 April 2019 and on or before […]
Small business Entity (SBE) Concessions
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Small business Entity (SBE) Concessions A small business entity is entitled to a range of concessions for the year ended 30 June 2019 and 30 June 2020 which potentially offer a range of tax savings to eligible entities. To recap an entity will be regarded as an SBE for the year ended 30 June 2019/20 if it carries […]