For those of you paying employees (and/or yourselves) via STP payroll there is a finalisation process that needs to be done by 31th July. (14th July if you have more than 20 employees) You no longer have to provide PAYG summaries, but you do need to send a final year end report to the ATO using… Read More Payroll Year End Action
Believe it or not there is still the possibility to get some free money from the government. The superannuation co-contribution is hanging on in there for a little longer so make use of it if you can and grab up to $500 of free cash. Even better, why not pop some $ into the kids’… Read More Tax Tip 2019 : More Free Money from the Government
Claim concessional super contributions as a tax deduction. As was the case last year, 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… Read More 2019 Tax Tip : Tax Deductible Super
If you employ people – even if it just yourself read this …. I have written about this before, but single touch payroll (STP) has now arrived. STP is real time reporting where you report to the ATO the wages you pay to every employee as you pay them via your accounting or payroll software.… Read More Single Touch Payroll
Those of you with an SMSF where at least one member has a balance of more than $1m, need to be aware that there are several events that now need to be reported to the ATO in real time – ie not after the end of the year when we are preparing your tax returns.… Read More SMSF real time reporting
SMSFs are a great tool for creating wealth in a tax effective environment and, because of the self managed bit, enabling you to have total control over your investments. However, SMSFs also come with lots of rules that need to be followed, with failure to do so potentially resulting in massive penalties. Make an administrative… Read More How old is too old for an SMSF
Tax planning is always best done throughout the year, rather than in a mad scramble in June. I know the various blogs & newsletters posted over the year have triggered most of you into action already. However, I also know tax planning sometimes gets forgotten. Therefore I have put below some headings and links to prior… Read More Year End 2018 – top tips
New rules this year, for the first time allow anyone to claim concessional super contributions as a tax deduction. This is very exciting. Full details of the changes are in this previous post. However as we near the year end, here is a quick summary of the important bits ……… This will be a useful… Read More Did you forget to Salary Sacrifice?
Another year, another budget and another raft of changes. Remembering that nothing is legislated, and it may all change and be tweeked as it goes through parliament, here is a brief synopsis of the main points of interest. Most of the changes this year are fairly minor, with lots working to eliminate the cash economy and get everyone paying… Read More Budget Update
Will the new Downsizing Super Contribution help ?… Read More Downsize your Parents
