Tax & Structuring

With the total superannuation sector worth more than $3.5 trillion at the end of March 2023, superannuation is serious business. There are many types of superannuation funds available but sometimes having too many to choose from can be confusing. However, picking the right fund is important as it could impact how much you may have [...]

With the cost-of-living skyrocketing, have you taken up a side hustle? With new and emerging ways to make money, the ATO is reminding taxpayers to consider if they are ‘in business’ and to declare to their tax agent if they are engaged in a side hustle. Record numbers of taxpayers are now working multiple jobs [...]

This month’s federal budget confirmed that temporary full expensing (TFE) is now in its final days. To recap, TFE will cease and be replaced by a $20,000 instant asset write-off (IAWO) from 1 July 2023. Under this change, small businesses (aggregated annual turnover of less than $10 million) will be able to immediately deduct the [...]

Are you a self-funded retiree who does not qualify for the Age Pension? If you’ve answered yes, then help may be available for certain living expenses by way of the Commonwealth Seniors Health Card (CSHC). What is the CSHC? The CSHC is a concession card enabling access to cheaper health care and some discounts if [...]

With the end of the financial year on our doorstep, the ATO has announced its three key focus areas for 2022-23 Tax Time – rental property deductions, work-related expenses, and capital gains tax (CGT). To maximise your claims in this area and protect yourself from ATO audits and adjustments, be sure to keep the appropriate [...]

The 2023-24 Federal Budget was handed down on 9 May. It contains changes to business and personal taxation, superannuation, social security entitlements, as well as the cost of living relief. Following are some of the headline measures, many of which are subject to enabling legislation. Business Depreciation made less generous Temporary full expensing (TFE) will [...]