Employers & business Superannuation guarantee increases to 11% from 10.5% National and Award minimum wage increases take effect. The minimum salary that must be paid to a sponsored employee – the Temporary Skilled Migration Income Threshold – increased to $70,000 from $53,900. Work restrictions for student visa holders reintroduced to 48 hours per fortnight. The […]
What changed on 1 July 2023 Read More »
The explosion of OnlyFans, YouTubers, TikTokers and others all offer an opportunity for ‘content creators’ to profit from the audiences they generate. But now the Tax Office has given notice to the booming industry. Back in October 2022, OnlyFans CEO Ami Gan announced that the platform had reached a milestone – paying out $10 billion
‘OnlyFans’ Tax Risk Warning Read More »
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
The ATO’s final position on risky trust distributions Read More »
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
How To Manage Your Business Activity Statement (BAS) Read More »
