Downsizer contributions are an excellent way to get money into superannuation quickly. And now that the age limit has been reduced to 55 from 60, more people have an opportunity to use this strategy if it suits their needs. What’s a downsizer contribution? If you are aged 55 years or older, you can contribute $300,000…
The ATO has released updated information on claiming cryptocurrency losses and gains in your tax return. The first point to understand is that gains and losses from crypto are only reported in your tax return when you dispose of it, i.e. You sell it Convert it to a fiat currency Exchange it for another type…
Making Electric Vehicles (EVs) FBT-free is just the first step in the Government’s plan to make zero and low-emission vehicles the car of choice for Australians, focussing on affordability and overcoming “range anxiety” by: Cutting import tariffs Placing EV fast chargers once every 150 kilometres on the nation’s highways Creating a national Hydrogen Highways refuelling…
How would you like to receive a $15000 Business Boost Grant? The Queensland Government, through the Department of Employment, Small Business and Training (DESBT) has announced this grant recently in support of advancing the improvement in the efficiency and productivity of small businesses. Three (3) project areas of focus for this grant Future Planning of…
Even though payroll tax is a state-based tax, all wages paid in Australia form a part of the threshold. Example: The Queensland threshold is $1.3M The Victorian threshold is $700K If you have Queensland wages of $1M and Victorian wages of $350K, you are subject to payroll tax in both jurisdictions What contributes to “Taxable…
An executor should be someone you believe to be: willing to act and who is of an age and lives in a location that will enable them to carry out the role effectively and efficiently. trustworthy, highly organised, and with a level of business acumen suited to the degree necessary for the administration of the…
Some owners focus on growing their profits, while others are obsessed with sales goals. Have you ever considered making it your primary goal to set up your business so that it can thrive and grow without you? A business not dependent on its owner is the ultimate asset to own. It allows you complete control…
Did you know that ACCC reported the following statistics in August last year alone? 190,000 reports of scams $192M losses Cryptocurrencies are the most popular type of investment scams (It starts with $250 and $500 investments, but scammers pressure more overtime before claiming all the investments is gone) The over 65’s have lost the most…
Hiring new employees? Superannuation rule changes from the 1st of November 2021. Here’s what you need to know. This new reform talks about “Stapling rules”. These stapling rules mean new employees will keep the same super account (if they have one), when they change jobs unless they choose another preferred super fund. This prevents the…
Not all work-related expenses are created equal such that we think we can claim anything or everything as a tax deduction. This is a no no! The proliferation of “Work from home” (WFH) related expenses during this ongoing pandemic is now more than ever, attracting ATO’s intense scrutiny. The key thing to remember is that…