Can I claim a tax deduction for my gym membership?
There are lots of reasons to keep fit but very few of them have to do with how we earn our income.
Small business lifetime cap
Are you a small business owner selling your business or disposing of an active business asset? If so, did you know you might be able to disregard some or all of any capital gain by putting the proceeds into superannuation?
More super for lower-income workers on the way
Did you know that lower-income earning individuals who earn less than $450 per month are currently not eligible for superannuation guarantee (SG) contributions from their employer? The $450 per month threshold also applies if an employee has more than one part-time or casual job and they earn more than $450 per month from all jobs combined. It simply comes down to the amount earned per job which can disadvantage many younger or lower-income workers.
Highlights of the Federal Budget 2022/23
This is a safe, ballot box friendly Budget as expected with a focus on jobs, cost of living, home ownership and health. Some of the highlights of last night’s Federal budget include;
Immediate Deductions Extended
Temporary full expensing of business assets has now been extended to 30 June 2023
FBT Issues – March 2022
The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the hot spots for employers and employees.
What the new Super Contribution rules mean for you
Are you over 67 years and looking to put extra money into your superannuation fund? Are you no longer working? The rules are changing from [...]
Road to Recovery – Budget 2020-21
On 6 October 2020, the Federal Treasurer, Josh Frydenberg, delivered the Federal Budget for the 2020–2021 income year. The 2020-21 Federal Budget is a road to [...]
2020 Tax Planning – What you need to know
The instant asset write-off Allows instant deductions for capital assets (up to $150,00 per item**) acquired prior to 30.06.2020. Pool balances under $150,000 at 30 [...]
COVID-19 work-from-home expense questions and CGT concerns
There are many questions being asked lately about claiming expenses when forced to work from home over the COVID-19 period - plus a lot of [...]