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 […]
Tax Time 2022: businesses get ready As the end of another tax year approaches, the ATO is reminding businesses that it is time to: see if there are tax-deductible items the business needs before 30 June; check if there are any concessions the business can access before 30 June – for example, the small business […]
What’s next on the agenda for the government? With the election campaign finally over and a new government sworn in, many Australians will be wondering what a Labor government is likely to tackle over the next term. A helpful starting point is Labor’s election promises, which provide a useful indication of possible areas that will […]
PERSONAL TAXATION Personal tax rates unchanged for 2022–2023 In the Budget, the Government did not announce any personal tax rates changes. The Stage 3 tax changes commence from 1 July 2024, as previously legislated. The 2022–2023 tax rates and income thresholds for residents are unchanged from 2021–2022: taxable income up to $18,200 – nil; taxable […]
Support for flood-ravaged areas The recent devastating flooding in South East Queensland and parts of New South Wales has left many people homeless, caused vast amounts of property damage and has sadly led to loss of life. While the clean-up effort continues in many areas, there is some immediate financial help available for those affected, […]
Work-related COVID-19 tests may be deductible After the recent furore over the non-existent supply of rapid antigen tests (RATs) and the reduced availability of polymerase chain reaction (PCR) tests at many COVID-19 testing sites, the Federal Government is hoping for some good press with the announcement that it will legislate to make both PCR tests […]
Need More Money In Retirement? Retirees that own their own home and need more money in retirement are now able to access the Home Equity Access Scheme run through Services Australia. The scheme was previously known as the Pensions Loans Scheme but along with a new name, the fortnightly interest rate has been lowered to […]
ATO Concerns On Luxury Car Tax The ATO has issued an alert warning taxpayers that it is investigating certain arrangements where entities on-sell luxury cars without remitting the requisite luxury car tax amount. This applies to those selling luxury cars in the ordinary course of business in any structure (ie company or sole trader), as […]
COVID-19 Vaccination Rewards: Tax Implications Amidst the current Omicron wave, and the government shortening booster dose intervals, many businesses are encouraging their employees to get either vaccinated or the booster dose by offering rewards or incentives. While this is an effective way to help the employees stay safe and businesses to stay open, there may […]