tax

The Australian Taxation Office has provided a heads-up about the areas it will be focussing on when reviewing tax returns this year. The ATO says there are three common errors made by taxpayers: Incorrectly claiming work-related expenses Inflating claims for rental properties Failing to include all income ATO Assistant Commissioner […]

By Tony Kaye, Senior Personal Finance Writer What the ATO is focusing on, and how to prepare for tax time. The Australian Tax Office (ATO) has flagged its key areas of focus for the 2023-24 tax year. The tax regulator will be using its increasingly sophisticated data-matching capabilities to ensure […]

The much-debated tax on superannuation balances over $3 million is inching closer and those who may be affected should ensure they have considered the implications. Although it is not yet law, the Division 296 tax should be taken into account when it comes to investment strategy and planning, particularly in […]

Prime Minister Anthony Albanese has announced proposed changes to address ongoing cost of living pressures with all 13.6 million Australian taxpayers receiving a tax cut from 1 July 2024, compared to the tax they paid in 2023-24.i Now is the time to assess what it means to your hip pocket […]

The warmer weather and spring rains are a welcome break from the colder months. And, while outside activities become more tempting, don’t forget to find a moment or two to review your finances to make sure you’re up-to-date and on-track. Household wealth has increased for the third quarter in a […]

Withdrawing part of your superannuation fund balance then paying it back into the account, known as a recontribution strategy, may sound a little strange but it could deliver a number of benefits including reducing tax and helping to manage super balances between you and your spouse. Your super is made […]

Welcome to our August newsletter and, with winter winding up and tax returns on the way for some, there may be sunnier days ahead. While the price of most goods and services continues to rise, the good news is the rate of increase is continuing to slow and the markets […]

Welcome to our July newsletter and, with a new financial year underway, it might be a good opportunity to review some of the recent changes to business and investment rules to make sure you’re on the right track. As the inflation rate begins to ease, with consumer inflation slowing to […]

As our superannuation balances grow larger, it makes more sense than ever to keep track of the many rules changes that have recently happened or are coming up soon. So, check out these latest changes in case they affect you. Super bonus for workers For employees, the new financial year […]

Budget incentives and crackdowns on unpaid tax debts and rental deductions Although this year’s Federal Budget was short on big changes when it came to tax, there still have still been some important developments in this area. Here are some of the latest developments in the world of tax. Small […]