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So far Helen Tsirmiris has created 158 blog entries.

Earned an income from the sharing economy?

It’s essential that any income earned from sharing economy platforms such as Airbnb, Stayz, Uber, etc., is declared in your tax return.

Since 1 July 2023, the platforms delivering ride-sourcing, taxi travel, and short-term accommodation (under 90 days), have been required to report transactions made through their platform to the ATO […]

By |5 July, 2024|Tax|Comments Off on Earned an income from the sharing economy?

Is your family home really tax free?

The main residence exemption exempts your family home from capital gains tax (CGT) when you dispose of it. But, like all things involving tax, it’s never that simple.

As the character of Darryl Kerrigan in The Castle said, “it’s not a house. It’s a home,” and the Australian Taxation Office’s (ATO) interpretation of […]

By |4 July, 2024|Property, Tax|Comments Off on Is your family home really tax free?

$20k instant asset write-off passes Parliament

Legislation increasing the instant asset write-off threshold from $1,000 to $20,000 for the 2024 income year passed Parliament just 5 days prior to the end of the financial year.

Purchases of depreciable assets with a cost of less than $20,000 that a small business makes between 1 July 2023 and 30 […]

By |4 July, 2024|Tax|Comments Off on $20k instant asset write-off passes Parliament

What’s ahead for 2024-25?

Will 2024-25 be another year of volatility or a return to stability?

Personal tax & super

As you would be aware (at least we hope so after a $40m public education campaign), the personal income tax cuts came into effect on 1 July 2024. At the same time, the superannuation guarantee (SG) […]

By |2 July, 2024|Uncategorized|Comments Off on What’s ahead for 2024-25?

What’s changing on 1 July 2024?

Here’s a summary of the key changes coming into effect on 1 July 2024:

Tax cuts reduce personal income tax rates and change the thresholds.Superannuation guarantee increases from 11% to 11.5% – check the impact on any salary package arrangements.Superannuation caps increase from $27,500 to $30,000 for concessional super contributions and […]

By |5 June, 2024|Tax|Comments Off on What’s changing on 1 July 2024?

5 million+ struggle with mortgage payments

New nationwide research released by ASIC’s Moneysmart reveals that 47% of Australian adults with debt, the equivalent of 5.8 million people, have struggled to make repayments in the last 12 months.

Alarmingly, the research revealed that more than half surveyed, said they are not aware that they are entitled to ask […]

By |4 June, 2024|Property|Comments Off on 5 million+ struggle with mortgage payments

ATO fires warning shot on trust distributions

The ATO has warned that it is looking closely at how trusts distribute income and to who.

The way in which trusts distribute income has come under intense scrutiny in recent years. Trust distribution arrangements need to be carefully considered by trustees before taking steps to appoint or distribute income to […]

By |4 June, 2024|Trusts|Comments Off on ATO fires warning shot on trust distributions

The essential 30 June guide

The end of the financial year is fast approaching. We outline the areas at risk of increased ATO scrutiny and the opportunities to maximise your deductions.

For you

Opportunities

Take advantage of the 1 July 2024 tax cuts by bringing forward your deductible expenses into 2023-24. Prepay your deductible expenses where possible, make […]

By |4 June, 2024|Tax|Comments Off on The essential 30 June guide

Non-compete clauses and worker restraints under review

A new issues paper from Treasury’s Competition Review questions whether non-competes and other restraints are limiting job opportunities and movement.

A recent Australian Bureau of Statistics(ABS) survey found that 46.9% of businesses surveyed used some kind of restraint clause, including for workers in non-executive roles. The survey also found 20.8% of […]

By |12 April, 2024|Business|Comments Off on Non-compete clauses and worker restraints under review

How much is my business worth?

For many small business owners, their business is their largest asset and for many, one that is expected to help fund their retirement. But what is your business really worth and what sets a high value business apart?

Every business owner is naturally curious about just how much their business is […]

By |12 April, 2024|Business|Comments Off on How much is my business worth?
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