• insurance policy
    Am I Taxed on An Insurance Payout?
    Australia has had its fair share of disasters over the last few years – drought, bushfires and floods – that have ramped up the volume of insurance claims. Most people would assume that if and when they need to claim on their insurance, the insurance payout covers the damage and […]
  • changes-ahead
    What Changes on 1 July 2021?
    Super guarantee rate increase to 10% On 1 July 2021, the Superannuation Guarantee (SG) rate will rise from 9.5% to 10% – the first rise since 2014. It will then steadily increase each year until it reaches 12% on 1 July 2025. The 0.5% increase does not mean that everyone […]
  • Superannuation
    Super Guarantee Rate Rising 1 July
    On 1 July 2021, the super guarantee rate will rise from 9.5% to 10%. If you have employees, you will need to ensure your payroll and accounting systems are updated to incorporate the increase to the super rate. If you need help to work out how much super you need to […]
  • skilled migration
    Is It Time for Australia to Rethink Skilled Migration?
    Source: NestEgg When borders reopen, Australia has a chance to reshape its migrant policy, with an opportunity to target younger, more skilled workers, a think tank has revealed. Australia is not attracting the right migrants, instead it should focus on simplifying the process, taking in younger skilled workers, and paying them […]
  • Fringe Benefit Tax
    FBT Exemption, LMITO Tax Bill Introduced Into Parliament
    Source: Accountants Daily Treasury Laws Amendment (2021 Measures No. 4) Bill 2021 was introduced to the House of Representatives on Wednesday and contains two tax measures included in the Morrison government’s 2021–22 federal budget.  The first of them is the government’s FBT exemption, which will provide employers with a way […]
  • cryptocurrency
    ATO Sheds Light on Crypto Compliance Focus
    Source: Accoutants Daily Speaking at a tax-time tips seminar on Thursday, ATO assistant commissioner Adam O’Grady warned tax agents and taxpayers that his office will be closely watching all capital events related to cryptocurrency come tax time.  “It is really important for all capital assets; we will be looking to […]
24 November 2020
investment

Tax Deductions for Investing in Your Business

Stimulating investment is high on the Government’s agenda. To encourage spending, the 2020-21 Budget introduced a measure that allows businesses with turnover under $5bn* to immediately deduct the cost of new depreciable assets and the cost of improvements to existing assets in the first year of use. This means that […]
12 October 2020
tax-cuts

Tax Cuts Set to Flow ‘Within a Few Days or Weeks

Source: Accountants Daily With the Morrison government’s stage 2 income tax cuts sailing through Parliament last week, the ATO now anticipates that it will be able to publish updated tax withholding schedules over the next few days. Despite the tax cuts being backdated to 1 July this year, the Tax […]
22 January 2018

2018 Australian Tax Year Key Dates

The Australian fiscal system can seem daunting, especially if you’re emigrating there for a permanent work position and are due to start paying taxes there for the first time. However, unlike countries such as the US where tax season is essentially year-round, Australia’s only really runs from the 1 July […]
5 December 2017

How to get the best ATO tax refund you can

We asked five veteran tax accountants for simple ways to get a better tax refund. Here are their top tips that almost any Australian can use! 1. Claim all the tax deductions you are allowed to claim The easiest way to increase your tax refund: claim a deduction for every […]
4 September 2017

Taxation for Athletes & Entertainers

Whether your career takes you to Lords, Augusta, Wimbledon, Old Trafford, or down the red carpet a number of the issues are similar. Some of these are: how many years can you continue in your profession; how much can you earn, and more importantly – save – before retirement; how […]
2 May 2017

Top 5 Overlooked Tax Deductions

With the end of the financial year fast approaching, it’s a good time to discuss tax deductions – especially those deductions often missed by taxpayers like you. We have compiled the commonly forgotten tax deductions. Take a look below – do any of these deductions apply to you? Are you […]
14 March 2017

Claiming Out of Pocket Medical Expenses

If you are out of pocket for medical expenses for you and your dependents in the 2016 financial year, you may be entitled to claim a tax offset. To determine the out of pocket amount you must deduct any amounts reimbursed to you from the total of the eligible expenses. […]
17 October 2016

Small Business Taxation

Small Business Tax can seem like a foreign language, especially when there are so many grey areas. Melbourne Accountants of Nobel Thomas has provided a general list of small business tax do’s and don’ts. DO – Begin with the end in mind To determine the right structure for your business […]
5 October 2016

Simple Tax Minimisation Strategies

Melbourne businesses may not be too keen on welcoming June. After all, the last day of which is also the end of the country’s financial year. It’s the time of the year when business owners are busy implementing their last minute tax planning strategies. Well, this shouldn’t be too complicated […]
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