Latest News
How to Get the Most Out of Your Day
Time Management & Self-Management is extremely important to ensure you are getting the most out of your day. Whether it be at work or home, you can apply the same principles to be your best version of YOU every day. There are a few ways you can get the most out of your day […]
Understanding the Division 293 Tax
Division 293 tax is an additional tax on super contributions which reduces the tax concession for individuals whose combined income and contributions are greater than the Division 293 threshold. Why do I have to pay this? Normally, contributions into a superannuation fund are taxed at 15% immediately. This is so when you turn 65 you will […]
How Much Tax Do I Need To Pay?
We often receive phone calls from our Clients asking us whether they are being taxed correctly in their wages. If you are unsure whether you are being taxed correctly, the ATO has an online calculator where you can answer a series of questions relating to your wages which will determine what tax should be withheld […]
What is the Medicare Levy
Quite often we are asked about the Medicare Levy. Common questions are “What is it?”, “Why do I have to pay it” and “Is there a way I can avoid paying it”. So we’ve broken it down for you below. What is Medicare Levy? Australian Residents are entitled to Medicare benefits which is access to […]
Cryptocurrency and the ATO
Have you dabbled in Cryptocurrency? Cryptocurrency, such as Bitcoin, is not considered money or foreign currency but in fact is an asset for capital gains tax purposes. If you have purchased and disposed of any Cryptocurrency, this will need to be declared in your income tax return as a capital event. Appropriate records to […]
New Year Goals…
With the festive season done and dusted for another year, you may find yourself motivated about getting your priorities right and looking at new year goals. If you’re working for yourself or simply just like to be organised for the end of financial year ahead, take this opportunity to de-clutter and organise that chaos! Here […]
What’s New For Taxpayers
Before you complete your tax return for 2015, there are some changes you should be aware of in case they affect you. Mature age worker tax offset You can no longer claim the Mature age worker tax offset (MAWTO) in your tax return. Previously, to be eligible for the offset you needed to be an […]
Travel between home and work and between workplaces
While trips between home and work are generally considered private travel, you can claim deductions in some circumstances, as well as for some travel between two workplaces. If your travel was partly private and partly for work, you can only claim for the part related to your work. What you can claim You can […]
Gifts and donations
You can only claim a tax deduction for gifts or donations to organisations that have the status of deductible gift recipients (DGRs). Deductions for gifts are claimed by the person that makes the gift (the donor). For you to claim a tax deduction for a gift, it must meet four conditions: The gift […]
Capital gains tax checklist
The following questions will help you to identify possible capital gains tax (CGT) obligations. If you answer ‘yes’ to any of these questions, CGT may apply. Some questions are intended to highlight the possibility of a capital gain or loss arising in the current year, others to alert you to the possibility of a […]
Tax on Super Contributions
The tax you pay on your super contributions generally depends on whether the contributions were made before or after you paid income tax, you exceed the super contributions cap or you are a very high-income earner. Before-tax super contributions The super contributions you make before tax (concessional) are taxed at 15%. Types of before-tax contributions […]
Zone Tax Offset – exclude ‘fly-in-fly-out’
In the 2015–16 Federal Budget, the government announced that it will exclude ‘fly-in-fly-out’ and ‘drive-in-drive-out’ (FIFO) workers from the Zone Tax Offset where their normal residence is not within a ‘zone’. Currently, to be eligible for the Zone Tax Offset, a taxpayer must reside or work in a specified remote area for more than 183 […]