Temporary full expensing is a short term tax initiative that allows businesses to claim an immediate deduction for the business portion of the cost of an asset in the year it is first used or installed ready for use for a taxable purpose. The incentive has now been...

If you are an employer and you provide certain benefits to your employees or their family or associates, your business may be liable for fringe benefits tax. For fringe benefits tax (FBT) purposes, an employee includes: current, future or past employee director of a...

The concessional contributions cap for 2021-2022 is $27,500 For the 2022-2023 year the concessional cap will remain at $27,500 If your superannuation balance is less than $500,000, you may be entitled to contribute more than the general concessional contributions cap....

Superannuation Guarantee (SG) from employers will rise to 10.5% from I July 2022. This may result in a reduction in take-home pay for some employees who are on a Salary Package. If you are an employer, please note that employees can be eligible for SG, regardless of...

If you received a COVID-19 Disaster Payment during 2021-2022, that payment is exempt from income tax, and you do not include the payment in your tax return. If you received a Pandemic Leave Disaster Payment, you must include it in your tax return as income. You can...

It is mandatory to report employees’ payroll information to the ATO via STP. If you are an employer and have not started STP, please choose one of the options below. -  Upgrade your existing payroll software to an STP enabled software -  follow the link below to use a...

Concessional contributions include :  -  your employer contributions, and -  your personal contributions claimed as a tax deduction. The cap for 2021-2022 year is $27,500.  Some tax payers are eligible to carry forward unused concessional caps from previous years and...

The Government has reduced the annual minimum pension payment amounts from SMSF account based pensions.   This will continue through to 30 June 2022. If you are unsure about your minimum draw down amount, please contact our office. For more detailed information,...

If you are a corporate trustee of a SMSF or a director of a private company, you can now apply for your director ID. Follow the link below to start your application.  Once you receive your Director ID please forward it to us for our records....

The maximum number of allowable members for a Self-Managed superannuation fund (SMSF) has increased from four to six. If you are considering setting up a SMSF or expanding, please contact our office.