Extra super contributions are payments you put into your superannuation fund to grow your retirement savings. The nature of the extra super contributions could save you a great deal of money on taxes when you retire. Those 55 and older have a unique way of boosting their superannuation when selling their home. The downsizer contribution…
Running a small-medium business is hard work. Most small businesses are facing labour shortages and rising costs. Meanwhile, the legal requirements keep getting more and more complex. For example, the Federal Court could fine a business up to $66,000 for failure to pay unused annual leave. Fine for Unused Annual Leave There was a case…
Inherited a home or property? You may be liable for Capital Gains Tax (CGT). Here’s a simple guide to help you understand the basics of inheritance tax in Australia. When do You Owe CGT on Inherited Property? Inheriting property can be complicated. It may take several weeks or months to iron out all the legal…
When gifts are taxed In Australia, most gifts (freely given without expecting any returns) aren’t taxed by the ATO (Australian Taxation Office). But there are some exceptions. Gifts from Foreign Trusts can be taxed If you get money or assets from a foreign trust, you may need to report it on your tax return. You’ll…
New rules in Australia are changing how tax advisers work with their clients. These changes aim to make the tax system fair and transparent. If you work with an accountant or tax agent, here’s what you need to know. Why the Rules Changed The new rules for tax advisers in Australia came about after a…
Probably. The Australian Taxation Office (ATO) new programs are focusing on investment property and luxury items owners. So, if you own luxury items like boats or planes, they may look at your assets and your tax returns more closely. Here’s what you should know. Investment Properties (Report Everything) The ATO has started collecting detailed info…
It’s scary how smart scammers have gotten in recent years. They’re targeting tax accounts, using government systems to con you out of $100,000 or more! Here’s how this works (and how to protect yourself). How They Scam You First, you get an official looking email or text from the “ATO” or from “myGov”. You may…
Not sure how much tax you owe now that you work from home? Here’s a quick overview of everything you need to know What deductions can I make if I’m working from home? There are 2 ways you can claim deductions. What work-from-home (WFH) tax deduction do I qualify for? You don’t need to work…
You may have heard that selling your family home is tax free. That the “Main Residence Exemption” can exempt your home from capital gains tax (CGT). Well, like all things tax related… … it depends on whether the property you’re selling meets the Australian Taxation Office’s (ATO) “Main Residence” criteria. What Makes a Home Your…
If you feel you might be paying too much tax, then you probably are. And if that’s you, you’ll love this new announcement from the ATO about the super contribution cap 2025. Starting from July 1, 2024, you’ll be able to contribute more to your super. Here’s how you can take full advantage of this…