Federal Government Announces Superannuation Boost For 300,000 Australian Workers
As part of the 2021 Federal Budget, The Australian Government has announced that businesses part-time and casual employees will now have to pay for their superannuation as the government discontinues the $450 minimum income threshold. Under the current rates, employees earning under $450 a month are not required to be paid the superannuation guarantee by […]
The Australian Government Removes Work Test for Voluntary Superannuation Contributions
The Australian Government has announced that older Australians in SMSFs will be able to contribute earnings or savings directly into superannuation funds with the repeal of the “work test”. As part of the May 2021 Federal Budget, new changes will enable individuals aged between 67 to 74 years to make or receive non-concessional including under […]
Tax Advice for Australians Who Have Been Affected by Natural Disasters
Apart from the obvious and tragic devastation that is inflicted upon a person’s property during a natural disaster these types of events such as a flood or a fire can also result in the loss of income for many affected people. This can come about as a result of the damage done to workplaces, vehicles, […]
Some of the Best Ways to Use Your Tax Refund
The money you are refunded as a result of your tax return could be used as an opportunity to eliminate debt, increase your savings or do something ‘long-term’ to support your children. Here are some tips to better utilise the money you get from your tax refund as opposed to going straight to the shops […]
The ATO Raises Key Rates For Australians Wanting To Top Up Their Superannuation
The Australian Tax Office (ATO) has decided to increase some of the key rates and thresholds for people who are wanting to top up their superannuation. On 1st July 2021, concessional and non-concessional contribution caps and the general transfer balance cap will increase for the first time in four years. Under the current laws, employers […]
The ATO Announces a Permanent Review Service for Small Businesses
On Friday 26th March the Australian Tax Office (ATO) announced that it will permanently install its independent review service following a successful three-year pilot program which gained the approval of its participants, whether they got the outcome they hoped for or not. In a statement released by the ATO, the tax agency proclaimed that the small businesses […]
How to Use Your Tax to Plan for The Future
Young and middle-aged Australians might not often think about what their financial situation might be like once they reach old age. However, it is important to plan for your future and put away money overtime so that one day you can eventually retire. It can be difficult to plan for your future, especially if you […]
Tips for Boosting Your Superannuation and Retirement Savings
For many Australians there is a huge gap between how much money they think they need to save in comparison to much they really need to save in order to safely retire. Australia’s average life expectancy in 82 and a half years of age. If someone was hoping to retire at age 65 it would […]
Accounting Advice for Recently Appointed Barristers
Congratulations on your recent appointment, if you have recently been appointed as a barrister, from a business structure perspective you will be operating as a sole trader. You will therefore need to apply to obtain an ABN (Australian Business Number). During your time spent in previous roles of employment you have been operating as a […]
Basics of Downsizing Contributions
The Federal Government recently announced that, as of 1 July 2018, downsizers aged 65 years or older may opt to contribute proceeds from the sale of their home (up to a total of $300,000 each) toward their super fund(s). Referred to as a downsizer contribution, it is treated as being non-concessional; existing in addition to […]