Category: Tax Advice
Topping up your super? Look back before forwards
Remembering the end goal of retiring with the home paid off and as much as possible in the tax free super environment, it is a generally a good idea to put as much as you can into super every year. There are two types of contribution available each year; concessional (which includes employer SGC and… Read More Topping up your super? Look back before forwards
120% Tax Deduction for Technology Expenditure
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
Proposed Max Super Cap
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
Pension Minimum – Relief Extended
For those of you in pension phase, there has been an extension of the temporary reduction in superannuation minimum drawdown rates through to financial year 2022/23 From 1 July 2022 minimum pensions will again be halved for all account-based and term allocated income streams as follows: Account-based pension minimums Age Standard Minimum Reduced Minimum for 2022/23… Read More Pension Minimum – Relief Extended
Varying your PAYG Instalments
The start of a new tax year results in PAYG instalments being automatically reset for the September quarter, even if they have been varied down previously. The ATO calculate instalments based on the last tax return lodged, which at this point in time is probably 2021 for most people. Therefore if your income in 2022/23… Read More Varying your PAYG Instalments
Director ID Number – Deadline
We still have a few of you that are yet to let us know your Director ID numbers. You must have your number before 30 November to avoid fines and penalties. Remember Director ID numbers are required for all directors of companies. This includes corporate trustees of SMSFs and Family Trust and Directors that may… Read More Director ID Number – Deadline
Final 2021 tax payments due
If you had an amount of tax to pay from the lodgement of your 2021 tax returns, that tax is due now. Please note that the ATO do not send reminders, so please arrange payments where applicable ASAP in order that we don’t need to chase you! Makes our job so much easier! If you… Read More Final 2021 tax payments due
Trust Distributions to Adult Kids
Although a common strategy, it appears the ATO have recently decided that distributing trust income to adult children (but not giving them the cash) is no more than tax avoidance. This is such a shame as it was one of the few, fun tax planning strategies we had left in the tool box. Not to… Read More Trust Distributions to Adult Kids
Returning to Hong Kong
With the recent closure of the Cathay Pacific bases in Australia, resulting in nearly 120 pilot redundancies, some are considering returning to Hong Kong to continue their flying careers. A job may be better than no job, however working in HK needs to be considered very carefully from a tax perspective. If you leave your… Read More Returning to Hong Kong
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