A consultation paper released by Treasury has sparked a national debate about the role, purpose and access to superannuation ahead of the 2023-24 Federal Budget. What is the purpose of superannuation? At first glance, the consultation released by Treasury in February titled Legislating the objective of Superannuation sounds innocuous enough. The consultation seeks to anchor […]
The Australian Taxation Office (ATO) has updated its approach to how you claim expenses for working from home. The ATO has ‘refreshed’ the way you can claim deductions for the costs you incur when you work from home. From 1 July 2022 onwards, you can choose either to use a new ‘fixed rate’ method (67
What’s the Deal with Working from Home? Read More »
Everyone knows that all successful companies employ accountants, but only a few understand the importance of accounting Melbourne to businesses. Accountants are a vital part of each business, from small startups to global conglomerates, and for good reasons. How Can Accounting Help Your Business? Financial Stability Accounting Melbourne for business offers an accurate and clear picture
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The ATO has released its final position on how it will apply some integrity rules dealing with trust distributions – changing the goal posts for trusts distributing to adult children, corporate beneficiaries, and entities with losses. As a result, many family groups will pay higher taxes because of the ATO’s more aggressive approach. Section 100A
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From 1 January 2023, those 55 and over can make a ‘downsizer’ contribution to superannuation. Downsizer contributions are an excellent way to get money into superannuation quickly. And now that the age limit has reduced to 55 from 60, more people have an opportunity to use this strategy if it suits their needs. What’s a
Is ‘downsizing’ worth it? Read More »
In a volatile market, keeping to a strategy, or let’s face it creating one, can be tough. The downside of not taking time out for your strategy is that there is a tendency to keep a short-term focus at an operational level to try and pick quick wins to generate financial returns. Sometimes in the
Full throttle in 2023 Read More »
Not being paranoid or anything but we were curious about the skills of the latest innovation to take the world by storm, ChatGPT, and its ability to work with the Australian tax system. Let’s start by saying that we were impressed. Not so much by ChatGPT’s ability to work with the complexities of the tax
How good is ChatGPT at tax? Read More »
BAS statements are important for all Australian businesses, but many business owners get frustrated when they have to fill them out, especially if they don’t have enough money to pay. What is a BAS statement and what should I know about the payment process? Learn more with our latest guide. If your business is registered for
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