Loading...

Am I taxed on an insurance payout?

Am I taxed on an insurance payout?

Australia has had its fair share of disasters over the last few years – drought, bushfires and floods – that have ramped up the volume of insurance claims. Most people would assume that if and when they need to claim on their insurance, the insurance payout covers the damage and is not income ass...

Read More

What changes on 1 July 2021?

What changes on 1 July 2021?

Super guarantee rate increase to 10%On 1 July 2021, the Superannuation Guarantee (SG) rate will rise from 9.5% to 10% - the first rise since 2014. It will then steadily increase each year until it reaches 12% on 1 July 2025.The 0.5% increase does not mean that everyone gets an automatic pay incre...

Read More

Work from home expenses under scrutiny & the perils of browsing Facebook

Work from home expenses under scrutiny & the perils of browsing Facebook

If you worked from home during lockdown and spent money on work related items that were not reimbursed by your business, you might be able to claim some of these expenses as a deduction – but not everything you purchase can be claimed.The ATO has stated that it is looking very closely at work rel...

Read More

Tax exemption for ‘granny flat’ arrangements

Tax exemption for ‘granny flat’ arrangements

To protect older Australians, the Government has moved to formalise ‘granny flat arrangements’ by providing an incentive to protect all parties in the arrangement. Typically, granny flat arrangements occur when an older person transfers some sort of consideration (often title to property or ...

Read More

The New Lifetime Director IDs

The New Lifetime Director IDs

Directors will be required to register for a unique identification number that they will keep for life, much like a tax file number under a rewrite of Australia’s business registers.ASIC does not currently verify the identity of directors and Elvis Presley and Bob Marley could “quite possibly” be...

Read More

The top 8 reasons why staff leave

Australia is facing a shortage of skilled labour. When the supply of staff dry up the focus often turns to retention. But the first step is to understand why people you want to stay, choose to move on?Very few people will reveal the whole truth about why they leave an employer. Partly they don’t ...

Read More

Your SMSF: when expenses and investments are not at arm’s-length

Your SMSF: when expenses and investments are not at arm’s-length

We often get questions from clients about what they can and cannot do in their SMSF. Often the questions relate to related party transactions – that is, interactions between the SMSF, its assets, and its members (or relatives of members).  We’ve set out some of the common questions and answe...

Read More