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
Single Touch Payroll, is on the way. You can relax for a year if you have less than 20 employees, but for those with more than 20 employees the fun starts on 1st July this year. Single Touch Payroll changes the way employers will report their salary and wages, pay as you go (PAYG)… Read More Single Touch Payroll
Low Cost Asset Write Off The $20,000 immediate deduction threshold for assets purchased by businesses with an aggregated turnover of under $10 million ends 30 June 2018. If you are a small business, and eligible to access this deduction, it’s your last chance. So if you NEED plant and equipment there is a argument to… Read More Last Chance for the 20K Deduction
Remember to check out the newsletter page on my website for our regular tax updates. This month includes the tax aspects of Bitcoins – yes contrary to popular belief there are tax ramifications! – and how renting part of your home, through for example AirBNB, will potentially cost you in capital gains on the eventual… Read More Bitcoins & Tax
Will the new Downsizing Super Contribution help ?… Read More Downsize your Parents
To try to avoid having to live on baked beans in retirement, we need to ensure that you are putting a fair amount of your current earnings away. 20% of your gross income every year for your working life is the (slightly scary) rule of thumb. This is generally done by a combination of 9.5%… Read More Catch Up Concessionals NEW