The proposed reduction of HECs debts outstanding as at 1 June 2025 has now become law. If you had a HECs debt at 1 June 2025, it will be reduced by 20% in the coming weeks. You do not need to do anything, the reduction will happen automatically. You can check when it has been… Read More 20% off HECS
Claim Super contributions as a tax deduction. It may be possible for you to claim some super contributions as a tax deduction. This will be a useful strategy if ……. You forgot to salary sacrifice or did not sacrifice as much as you could, or You have a large capital gain this year which you… Read More 2025 Tax Tip : Top up your Super Contributions
If you had a HECs debt that was indexed in the 2023 year or 2024 year you should receive either a credit against your HECs debt (if you still have one) or a refund. The refunds are due to a reduction in the indexing rates used as follows: Financial year Old rate New rate Difference… Read More HECS debt refunds
For those of you paying employees (and/or yourselves) via STP payroll there is a finalisation process that needs to be done by 14th July. You no longer have to provide PAYG summaries, but you do need to send a final year end report to the ATO using your single touch payroll (STP) software of choice. I… Read More Year End Payroll Reporting
Do you have a spouse? Would you like to pay $540 less tax? If the answer to both of these is yes then read on as it is still possible to get a tax offset for superannuation contributions made on behalf of your spouse. It’s free money from the government, so if funds allow, why… Read More Spouse Super Rebate
The March 2022 budget introduced a bonus extra 20% deduction for technology expenditure for small businesses. In simple terms this means that if you spend $100 on eligible items you get to deduct $120 from your profits and therefore pay less tax. It will be capped at $100,000 of expenditure. Due to the slow process… Read More 120% Tax Deduction for Technology Expenditure
There has been much in the press recently about the government proposal to introduce a new $3m cap for super balances. The reasoning behind this is to reduce the tax advantages of the very wealthy who are lucky enough to have more than $3m in their superfund in the first place. There are estimated to… Read More Proposed Max Super Cap
Commonwealth Seniors Health Card holders may receive benefits such as cheaper medicine, refunded medical costs and discounts on rates, electricity, gas, dental, eye care and public transport. In order to access a card you need to have reached age pension age and pass an income test which has recently been substantially increased. The income limit… Read More Commonwealth Seniors Health Card
Bridgland & Co Blog 