Tax
Why is it important to discuss inheritance planning with your family
While most people write wills, very few families discuss inheritance. Parents avoid discussing inheritance planning with their children due to the subject’s sensitivity. However, avoiding the conversation does more harm than good. For example, poor wealth management...[Read More]
Pressure builds to ditch tax cuts in next budget
Welfare advocates are putting a spotlight on the federal government’s planned tax cuts for the wealthy, urging them to be scrapped in favour of lifting the rate of JobSeeker and other support payments. Anglicare Australia has released its submission to the government...[Read More]
Experts want stage three tax cuts revised
A former Reserve Bank governor has joined more than 100 economists and tax experts to call for an overhaul of the stage three tax cuts. Former RBA governor Bernie Fraser, Nobel Prize-winning economist Joseph Stiglitz and former Australian Competition and Consumer...[Read More]
Budget repair begins, tax reform is next
The Albanese government has been praised for taking the first step towards budget repair by banking its unexpected commodities windfall, with serious tax reform likely to be addressed in future budgets. With government debt expected to hit the trillion dollar mark in...[Read More]
3 tips to grow your superannuation
Retirement is a period most people eagerly anticipate. It’s that wonderful stage of life when you can finally unwind and spend your time as you please. You can even spend retirement focusing on the businesses you’ve been planning and have put off for so long. Your...[Read More]
UN urges higher tax for Aust fuel giants
The head of the United Nations has called for Australia and other major economies to tax the super profits of fossil fuel companies to help people make ends meet and be protected from climate change. “I am calling on all developed economies to tax the windfall...[Read More]
The importance of Single-Touch Payroll
Do you know what single-touch payroll (STP) is? Most likely, you’ve encountered the term, especially if you own a small business in Australia where STP is mandatory. This requirement applies even to companies employing just a single staff member — whether...[Read More]
Work out if you have to pay super
How to work out when employers need to pay super guarantee and which employees are eligible. What super payment is required If you pay a worker, you are also required to pay super guarantee. You need to pay it to an eligible employee’s super fund...[Read More]
How cloud accounting can help make your business better and more efficient
Does your company still use desktop software or spreadsheets for accounting tasks? If so, then it could be time to upgrade to a cloud-based accounting system. In comparison to on-premises solutions, cloud accounting for small businesses offers several advantages. These...[Read More]
ATO reveals nation’s highest earning areas
Residents from the Perth suburbs of Cottesloe and Peppermint Grove have been revealed to have the highest average income in the nation, according to new tax figures. Data from the Australian Taxation Office has shown residents from the 6011 postcode had the highest...[Read More]
Super changes that could affect you from 1 July 2022, your EOFY checklist
Essential Superannuation EOFY Tips This 2022 The week leading up to 30 June is an excellent time to take advantage of any tax benefits that may be available within superannuation. There are certain contributions you can focus on to lower your taxable income or...[Read More]
Looking to maximise your super, and get a tax break at the same time?
If you are one of those people that are looking for opportunities to maximise your super, and claim a tax deduction along the way, there are strategies that may help. However, like most things relating to superannuation, there are some conditions attached. In this...[Read More]
Petrol prices up again despite tax support
Petrol prices rose for a third week in a row as global factors undermine the Morrison government’s much-touted temporary cut in fuel excise aimed at easing cost of living pressures. The Australian Institute of Petroleum said the national average for petrol prices...[Read More]
Tax office warns of fake website scam
Fake websites advertising on social media platforms are charging for free government services and then not providing them. The Australian Taxation Office has received an increase in reports about the fake sites offering to provide tax file numbers or Australian...[Read More]
Tax incentives support small businesses
It is a budget designed to support the economy’s path out of the pandemic. Cost of living and infrastructure are the focus. Businesses and consumers are still struggling after a number of difficult years. The Coalition government has issued a pre-election budget that...[Read More]