What’s the difference between the Medicare levy and the Medicare levy surcharge? Many people getting their tax notice of assessment wonder why they see amounts for the Medicare levy and Medicare levy surcharge. Here’s how it works. Medicare levy The Medicare levy’s a compulsory charge that helps fund Australia’s public healthcare system. Almost all Australians […]
Make managing your tax less intimidating with the ATO’s free tools and services If you’ve ever felt unsure about doing your tax online – or you’re helping someone who is – there are safe, simple ways to learn how it all works. The ATO offers practical tools to help you explore myTax and ATO online […]
Understanding the new 20% student loan reduction The Australian government’s promise to cut student loan debts by 20% has now become law. If you’re one of more than three million Australians who have a student loan, you’re probably wondering what this means for you and when you’ll see the benefits. The change applies to all […]
Working out your WFH expenses this tax time To be eligible to claim working from home (WFH) expenses, you need to be genuinely working from home to fulfil your employment duties, not just checking emails or taking occasional calls. You must also incur additional running expenses because of your WFH arrangement. These additional costs can […]
HECS/HELP debt reduction Bill introduced On 23 July, the Labor government introduced legislation aimed at enacting its election promise to reduce student debt by 20%. The Bill proposes to: provide a one-off 20% reduction to Higher Education Loan Program (HELP) debts and certain other student loans that are incurred on or before 1 June 2025; increase […]
After a little time away from your inbox, the Hurley & Co newsletter is making its return. While we’ve been quiet on the updates, we’ve been busy behind the scenes supporting our clients, growing our team, and staying across all the latest in tax, business, and compliance. We’re now back with fresh insights, practical tips, […]
Financial Services Minister Stephen Jones said Labor plans to tackle tax concessions once an objective of the superannuation system has been put into legislation. People with millions of dollars in their superannuation are receiving tax concessions that ultimately have a “real cost to the budget”, the Minister said. “The concessional taxation of superannuation is a […]
From 1 July 2022 the eligible age is 60 years old or older. Prior to 30 June 2022 it was 65 years old or older. Some of the eligibility criteria you must satisfy are: The home must be in Australia, have been owned by you or your spouse for at least 10 years and the disposal must be […]
Warren Day has called on Australians to actively engage with their super in order to set themselves up for retirement. In a recent interview with the ABC, Mr Day stated that retirement outcomes depended significantly on when individuals begin planning and whether they have accumulated enough wealth during their working life. “While super is not […]
Single Touch Payroll (STP) is the way you report your employees’ tax and super information to the ATO. Single Touch Payroll (STP) is part of the government’s commitment to streamlining employer reporting obligations. STP was legislated on 16 September 2016 as part of the Budget Savings (Omnibus) Act 2016External Link. The mandatory start date for STP Phase 2 […]