Instant asset write-off threshold upped to $25k
The government has increased the threshold for the instant asset write-off to $25,000 as it looks to entice the small business sector ahead of a federal election.
Announced yesterday, Prime Minister Scott Morrison has pledged to increase…
ATO flags common errors with contribution deductions
With greater numbers of clients now eligible to claim deductions for personal superannuation contributions, the ATO has identified some common errors that practitioners and their clients should avoid.
For many super members, the 2017–18…
LRBA Changes May Hinder SMSF Gearing
In the last decade, many SMSFs have used a "limited recourse borrowing arrangement" (LRBA) as part of a gearing strategy to build members' retirement savings. An LRBA is a special type of loan that allows SMSF trustees to borrow to buy an asset…
Are You Getting the Most from Your Investment Property?
Property depreciation claims
Just as with other assets linked to income-producing activities, you can claim depreciation on your investment property through low value asset pooling. Depreciation works to lower your taxable income, meaning…
How to Retire happily
IN BRIEF
Identify what brings you a sense of accomplishment and what your personal goals are for after retirement.
Financial security is key to a healthy, comfortable retirement.
Intellectual engagement, staying socially engaged and…
PAYG withholding: new penalties for non-compliance
In 2017, a government taskforce on the black economy reported concerns that some Australian businesses are making payments to employees and contractors that are not being properly recorded. In response, the government has acted to deny deductions…
Selling an inherited property? Here are the rules
People who want to delay the sale of a dwelling they receive as a beneficiary of a deceased estate, so they can renovate or wait for the property market to pick up, will not get much sympathy from the Australian Taxation Office when it comes…
Playing to Win in the Gig Economy
What is the gig economy?
The gig economy is characterised by freelance and project-based work. Its players inhabit a constantly changing workscape and juggle a pastiche of jobs.
In some circumstances, gig economy workers have very little…
Dealing With An Excess Super Contributions Determination
Just when most people thought they had finalised their income tax obligations for 2017-18, the ATO has begun issuing determinations for individuals who exceeded their concessional super contributions cap. Concessional contributions include…
I'm Hiring! Getting the Most from the Gig Economy
What is the gig economy?
The gig economy is a labour market made up of an ad hoc workforce, including freelancers, contractors, sole traders and casual employees, who are engaged in short-term or project-based work. It includes workers whose…