You may have heard that selling your family home is tax free. That the “Main Residence Exemption” can exempt your home from capital gains tax (CGT). Well, like all things tax related… … it depends on whether the property you’re selling meets the Australian Taxation Office’s (ATO) “Main Residence” criteria. What Makes a Home Your…
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…
What is TPAR? Taxable Payment Annual Reports (TPARs) are an essential part of Australia’s tax system. It is a way for the Australian Taxation Office (ATO) to keep track of all the payments you make to contractors. This way, the ATO can ensure: Who Needs to Lodge a TPAR? You may need to lodge TPAR…
Program Details – Getting the Funds: WHO is it for: small to medium-sized businesses with 5-49 employees. HOW MUCH can you get: $50,000 to $75,000 per project, with you co-contributing 40% HOW to apply: This is a competitive grant, meaning not all applicants will get funding. Round 6 of the program is launching soon with…
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…
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…
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…
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……
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 the ATO runs its client accounts is a mystery to most people. Let’s see if we can’t simplify the subject for you. Having trouble? We can make it easy for you to manage your ATO client accounts, and get your tax filings accepted by the ATO. Contact us for a free consultation Contact Us Call…