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Warning: Redrawing investment loans

The ATO estimates that incorrect reporting of rental property income and expenses is costing around $1 billion each year in forgone tax revenue. A big part of the problem is how taxpayers are claiming interest on their investment property loans.

We’ve seen an uptick in ATO activity focus on refinanced or […]

By |10 November, 2023|Uncategorized|Comments Off on Warning: Redrawing investment loans

30% tax on super earnings on balances above $3 million

Treasury has released draft legislation for consultation to enact the Government’s plan to increase the tax rate on earnings on superannuation balances above $3m from 15% to 30% from 1 July 2025.This is the final step before the legislation is introduced into Parliament.

From a planning perspective, for those with superannuation […]

By |10 November, 2023|Superannuation, Tax|Comments Off on 30% tax on super earnings on balances above $3 million

Up to 10 years in prison for deliberate ‘wage theft’

Legislation currently being debated in Parliament will introduce a new criminal offence for intentional “wage theft”. If enacted, in addition to the criminal offence, a fine will apply. The fine is three times the underpayment and:

For individuals – 5,000 penalty units (currently $1,565,000).For businesses – 25,000 penalty units (currently $7,825,000).

The […]

By |10 November, 2023|Uncategorized|Comments Off on Up to 10 years in prison for deliberate ‘wage theft’

‘Payday’ super from 1 July 2026

The Government intends to introduce laws that will require employers to pay SG at the same, or similar time, as they pay employee salary and wages. The logic is that by increasing the frequency of SG contributions, employees will be around 1.5% better off by retirement, and there will be […]

By |10 November, 2023|Superannuation|Comments Off on ‘Payday’ super from 1 July 2026

Workers owed $3.6bn in super guarantee

Workers are owed over $3.6 billion in superannuation guarantee according to the latest Australian Taxation Office estimates – a figure the Government and the regulators are looking to dramatically change.

Superficially, the statistics on employer superannuation guarantee (SG) compliance look pretty good with over 94%, or over $71 billion, collected without […]

By |8 November, 2023|Superannuation|Comments Off on Workers owed $3.6bn in super guarantee

Self-education: What can you claim?

The Australian Taxation Office have released a new draft ruling on self-education expenses. We revisit the deductibility of self-education expenses and what you can and can’t claim.

If you undertake study that is connected to your work you can normally claim your costs of that study as a tax deduction – […]

By |13 October, 2023|Tax|Comments Off on Self-education: What can you claim?

Legislating the ‘objective’ of super

The proposed objective of superannuation released in recently released draft legislation is: ‘to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way.’

The significance of legislating the objective of super is that any future legislated changes to the superannuation system must be […]

By |12 October, 2023|Superannuation|Comments Off on Legislating the ‘objective’ of super

30% tax on super earnings above $3m

Treasury has released draft legislation to enact the Government’s plan to increase the tax rate on earnings on superannuation balances above $3m from 15% to 30% from 1 July 2025. This is the final step before the legislation is introduced into Parliament and a step closer to reality.

The draft legislation […]

By |11 October, 2023|Tax|Comments Off on 30% tax on super earnings above $3m

The ‘Airbnb’ Tax

Property investors that choose to utilise their property for short-term stays (or leave it vacant) are firmly in the sights of the regulators.

The Victorian Government’s recent Housing Statement announced Australia’s first short-stay property tax. The additional tax, which is scheduled to come into effect from 1 January 2025, is expected […]

By |10 October, 2023|Tax|Comments Off on The ‘Airbnb’ Tax

$20k deduction for ‘electrifying’ your business

Electricity is the new black. Gas and other fossil fuels are out. A new, limited incentive nudges business towards energy efficiency. We show you how to maximise the deduction!

The small business energy incentive is the latest measure providing a bonus tax deduction to nudge the investment behaviour of small and […]

By |10 October, 2023|Business|Comments Off on $20k deduction for ‘electrifying’ your business
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