Ace in the Hole’ Budget 2023-24 The ‘ace in the hole’ of the 2023-24 Federal Budget was the $4.2bn surplus; the first in 15 years. The surplus was driven by a surge in the corporate and individual tax take. High commodity prices, inflation, and high employment have all pushed up corporate and individual tax receipts. … Read more
Just in time for the Fringe Benefits Tax (FBT) year that started on 1 April, the Australian Taxation Office (ATO) has released new details on electric vehicles. FBT exemption for electric cars If your employer provides you with the use of a car that is classified as a zero or low emissions vehicle there is … Read more
Take advantage of Tax Saving before the year ends! Tax planning should be done on a regular basis throughout the year, but if you have been busy see us today to get your 2023 Tax Savings in order! Book online now to have a Tax Planning meeting and save tax this year! Imagine what you … Read more
Save on Tax this year with this Super Strategy! MAXIMISE DEDUCTIBLE SUPER CONTRIBUTIONS The concessional superannuation cap for this financial year is $27,500 for people of all. From 1 July 2022, the general concessional contributions cap is $27,500 for all individuals regardless of age. Do not go over this limit or you will pay more … Read more
Save Tax by using what you already have and need Saving on tax can be as simple as smart planning by utilising expenses that you’re already incurring or going to incur anyway. Having a better than average year, pull expenses into the 2023 Financial year. This also applies if you think sales and profit are … Read more
End of Year adjustments to make saving by tax planning INVESTMENT PROPERTY DEPRECIATION If you own a rental property and haven’t already done so, arrange for the preparation of a Property Depreciation Report to allow you to claim the maximum amount of depreciation and building write-off deductions on your rental property. But most of all … Read more
It’s hard to believe that it’s been 10 years since Clayton took over the business from Graham Fuller in 2013. Over the years, we’ve experienced our fair share of ups and downs, but through it all, we’ve remained dedicated to our vision and goals of helping small businesses succeed. We couldn’t have achieved this milestone … Read more
The ATO has indicated that starting from 22 March 2023 it will be imposing failure to lodge penalties on taxpayers who have not lodged a taxable payments annual report (TPAR) for the 2022 or prior years and they have received three non-lodgment letters. The TPAR is due by 28 August each year and includes details … Read more
Taxpayers claiming deductions on holiday homes are in the ATO’s sights. The ATO is concerned that people with holiday homes are claiming more deductions than they should and have published the starting questions they will be asking to scrutinise claims: How many days was it rented out and was the rent in line with market … Read more
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 future policies … Read more
