Lower Your Taxes With The July 1 2024 Super Contributions Cap Increase
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Lower Your Taxes With The July 1 2024 Super Contributions Cap Increase

If you feel you might be paying too much tax, then you probably are. And if that’s you, you’ll love this new announcement from the ATO about the super contribution cap 2025. Starting from July 1, 2024, you’ll be able to contribute more to your super. Here’s how you can take full advantage of this…

Ato Tax Rules About Using Your Company’s Money
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Ato Tax Rules About Using Your Company’s Money

You have an idea for a business. You see an opportunity in the market. Your company is registered and you are ready to go. So, you use your savings to kickstart your new practice. That way your business can thrive, unburdened by pressures from the banks. All the money earned stays in the business, and…

Contractor or Employee: ATO’s Cautionary Guidelines
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Contractor or Employee: ATO’s Cautionary Guidelines

Navigating the complexities of employment classifications, the Australian Taxation Office (ATO) issues a stern warning that simply designating a worker as an independent contractor in an agreement does not automatically align with tax and superannuation purposes. The presence of an Australian Business Number (ABN) is also not conclusive evidence of genuine contractor engagement. Clarifying the…

Federal Government Proposes Redesign of Personal Income Tax Cuts

Federal Government Proposes Redesign of Personal Income Tax Cuts

Today, we bring you significant news regarding the proposed changes to personal income tax cuts in Australia, set to take effect from 1 July 2024. The Federal Government has recently released a proposal to realign and redistribute the legislated Stage 3 tax cuts, impacting taxpayers across the nation. WHAT’S CHANGING? In a move aimed at…

Self-education Tax Deduction: What can you claim?
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Self-education Tax Deduction: What can you claim?

Taking classes, courses or enrolled in a training program?  The ATO has recently announced an update to self education tax deduction rules. What’s new The new draft reinforces what types of education qualifies for Self Education Tax Deduction. What qualifies for self education tax deduction To qualify for tax deduction, the course must For example……

$20k Tax Deduction in 2024 for Going Green With The Small Business Energy Incentive
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$20k Tax Deduction in 2024 for Going Green With The Small Business Energy Incentive

Want to pay less in taxes this year?  This new energy incentive can help you reduce your taxable income by $20,000.  What Is The Incentive  The Small Business Energy Incentive is about to be passed in Parliament.  Who it’s for It’s a tax credit aimed at helping small and medium businesses move towards more efficient…

How to spot a shady invoice
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How to spot a shady invoice

Invoice fraud or false billing happens when an outstanding invoice redirects payment to a fraudulent bank account.  This can be done via fake invoices, employee/supplier impersonations or invoice manipulation from an email hacker. Anyone can be a victim to invoice fraud. Australian businesses lost $277 million to payment redirect scams in 2021, according to the…