Client Alert - Instant asset write offs and more
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…
Client Alert - Division 296, ATO Interests and more
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…
The Comeback Issue
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…
Labor plans to axe super tax breaks for wealthy
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…
Downsizing contributions into superannuation
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…
ASIC Tells Australians to Actively mange their super
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…
Single Touch Payroll Phase 2
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…
Client Alert - July 2022
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…
Client Alert - June 2022
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…
Federal budget | March 2022
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…