Accounting
Reading Room - Accounting
The revised stage 3 tax cuts have passed Parliament and will come into effect on 1 July 2024.
Before the new tax rates come into effect, check any salary sacrifice agreements to ensure that they will continue to produce the result you are after.
The end date for temporary full expensing rules is 30 June 2023. The government has announced a temporary increase in the instant asset write-off to $20,000 from 2023-2024.
The ATO is more than a little concerned that people with holiday homes are claiming more deductions than they should and has published the startling questions they will be asking to scrutinise claims.
The general transfer balance cap (TBC) – the amount of money you can potentially hold in a tax-free retirement account, will increase by $200,000 on 1 July 2023 to $1.9 million.
The ATO has a new approach to deductions for costs when you work from home. From July 2022, you can choose a fixed rate or actual cost method.
When you have a Pension account, every financial year you need to withdraw a minimum amount. The amount is set by the government, is based on your age and increases as you get older.
The ‘ace in the hole’ of the 2023-24 Federal Budget was the $4.2bn surplus; the first in 15 years. We summarise the key initiatives for individuals, superannuation and businesses.
There is nothing in this week's Federal Budget that would create a UK-style crisis. Discover what's in it for individuals, families, employers, pensioners and businesses.
With tax season upon us, it is important to revisit rules relating to work-related deductions that can be claimed on your income tax return. There are three ‘golden rules’ when claiming tax deductions.
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