After lodging an activity statement you may find that you have missed something or neglected to include a particular item. While the ATO will generally take your word for self assessed activity statements they will review information via means such as data matching which may highlight any errors you have made. If an inadvertent error…
Are you clear on what non‑concessional contributions you can contribute in a year? With the Government abandoning its policy to introduce a $500,000 lifetime cap for non-concessional contributions are you clear on what non-concessional contributions you can make to superannuation now? Non-concessional contributions are contributions that are made to super from after-tax income or…
Non-concessional contribution cap The original proposal was to replace the existing non-concessional contribution cap with a lifetime limit of $500,000, including all non concessional contributions made since 1 July 2007. This measure is replaced with an annual non-concessional contribution (NCC) cap of $100,000 (currently $180,000). Individuals under the age of 65 are also able to…
Salary packaging is a way in which an organization can increase the take home pay of its employees. If done correctly there is no additional cost to the business and the employee will gain a tax advantage. What is Salary Packaging? Salary packaging is where an employee agrees with their employer to forego part of…
Obtaining and keeping exceptional staff comes hand-in-hand with fringe benefits especially as talent can be hard to come by. When deciding on those perks for new and existing employees Fringe Benefits Tax (FBT) should be considered. While many assets are assessable under FBT there are some that are exempt. Minor Benefits Benefits to employees costing…
With tax time just around the corner it is important to not only consider what you need to provide to your accountant but what you need to keep and for how long. The ATO has strict guidelines on how long supporting documentation needs to be kept in case of an audit or review. Why do…
With an ever-growing, aging population estate planning is becoming a hot topic of conversation around Australia. It’s not easy approaching your own mortality and looking to your family’s future without you however it is one of the most important things you can do to help them after you pass away. Wills According to statistics from the…
With the end of financial year fast approaching it’s a good idea to start considering what your income is, what you’ve spent on deductions and how you want your individual return lodged. Income The main missed item that the ATO finds on individual tax returns is actually income. When considering what your income is…
With an election looming there have been some significant changes affecting individuals, businesses and superannuation. 1. Targeted personal income tax relief From 1 July 2016, the government will increase the 32.5% personal income tax threshold from $80,000 to $87,000. This measure will reduce the marginal rate of tax on incomes between $80,000 and $87,000…
Initial Repairs and claiming deductions When purchasing an older property as an investment it is common for buyers to proceed immediately with repairs to increase the potential for gaining a tenant. The ATO are focusing on these investments particularly where initial repairs are being claimed as expenses rather than having them added to the property…
