News and Views

Tax & the family home

Tax & the family home

Everyone knows you don’t pay tax on your family home when you sell it…right? We take a closer look at the main residence exemption that excludes your home from capital gains tax and the triggers that reduce or exclude that exemption.  Capital gains tax (CGT) applies...

A reminder of what changed on 1 July 2022

A reminder of what changed on 1 July 2022

Business  Superannuation guarantee increased to 10.5%  $450 super guarantee threshold removed for employees aged 18 and over   Small business GST and PAYG tax instalments lowered (the total tax liability remains the same, just the amount the business needs to pay...

Overcome your customers fear of spending

Overcome your customers fear of spending

One of the biggest complaints from salespeople in a tight economy is the time it takes to achieve a sale.  So, what can you do to speed up the sales process? Here are some tips from the experts!Branding is wonderful but unless your brand is as mighty as Coca Cola,...

Get some fresh air outdoors with google

Get some fresh air outdoors with google

It’s winter time and each day seems more cold than the last! Did you know that you can use Google tools to plan your days to stay safe and healthy during all your activities? Check Air Quality on Google Maps Given the increasing pollution, you’d want to check the air...

8 Digital Marketing Tools

8 Digital Marketing Tools

Do you use digital marketing tools for your business? Paid tools are not always best for your business, especially if there are better free alternatives available. New free tools may be even better than paid tools for automation and marketing. Check out our top picks...

Special powers reduce attorney risks

Special powers reduce attorney risks

A special power of attorney has the ability to reduce risks and conflicts that can arise from the use of an enduring power of attorney. SMSF trustees concerned about overreach by someone acting under a power of attorney can limit their powers by hardwiring specific...

ATO’s Tax Time Targets

ATO’s Tax Time Targets

With tax season almost upon us the Australian Taxation Office (ATO) has revealed its four areas of focus this tax season. They are:  Record-keeping Work-related expenses Rental property income and deductions, and Capital gains from crypto assets, property, and shares....

What to expect from the new Government

What to expect from the new Government

Anthony Albanese has been sworn in as Australia’s 31st Prime Minister and a Government formed.    Let’s take a look at what we know so far about the policies of the new Government in an environment with plenty of problems and no easy fixes. The Government has stated...

ATO refocus on debt collection

ATO refocus on debt collection

The ATO has not pursued many business tax debts during the pandemic, and has allowed tax refunds to flow through even if the business had a tax debt. That position has now changed and the ATO has resumed debt collection and offsetting tax debts against refunds.   If...

QBCC Self-assessed Reporting Requirements

QBCC Self-assessed Reporting Requirements

Annual reporting for QBCC self-assessed licence categories 1 and 2 was due on 31 March.  All contractor-type licensees must submit to QBCC annual reporting, to demonstrate on-going compliance with the minimum financial requirements.   You are required to lodge your...

What changes on 1 July 2022?  SUPERANNUATION

What changes on 1 July 2022? SUPERANNUATION

Work-test repeal – enabling those under 75 to contribute to super  Currently, a work test applies to superannuation contributions made by people aged 67 or over. In general, the work test requires that you are gainfully employed for at least 40 hours over a 30 day...

What changes on 1 July 2022?  FOR YOU

What changes on 1 July 2022? FOR YOU

Home loan guarantee scheme extended   The Home Guarantee Scheme guarantees part of an eligible buyer’s home loan, enabling people to buy a home with a smaller deposit and without the need for lenders mortgage insurance. An additional 25,000 guarantees will be...

What changes on 1 July 2022?  BUSINESS

What changes on 1 July 2022? BUSINESS

Superannuation Guarantee increase to 10.5%  The Superannuation Guarantee (SG) rate will rise from 10% to 10.5% on 1 July 2022 and will continue to increase by 0.5% each year until it reaches 12% on 1 July 2025.  If you have employees, what this will mean depends on...

ATO ramps up heat on directors

ATO ramps up heat on directors

The ATO recently sent letters to directors who are potentially in breach of their obligations to ensure that the company they represent has met its PAYG withholding, superannuation guarantee charge, or GST obligations.  These letters are a warning shot and should not...

Business Basics Grants Program

Business Basics Grants Program

State Govt Business Basics Grant – small $5k grant but might come in handy for the new franchise business.  The QLD Government will open the above grant applications on Tuesday 17th May 2022.  If you qualify and wish to apply, you will only have a short period to...

Fuel tax credit rates reduced

Fuel tax credit rates reduced

The Government temporarily halved the excise and excise equivalent customs duty rates for petrol, diesel and all other petroleum-based products (except aviation fuels) for 6 months from 30 March 2022 until 28 September 2022. This has caused a reduction in fuel tax...

Can I claim a tax deduction for my gym membership?

Can I claim a tax deduction for my gym membership?

There are lots of reasons to keep fit but very few of them have to do with how we earn our income – therefore typically a tax deduction for a gym membership isn’t allowable.  In general, a tax deduction for fitness expenses is only available if your job requires you...

The 120% deduction for skills training and technology costs

The 120% deduction for skills training and technology costs

It’s a great headline, isn’t it? Spend $100 and get a $120 tax deduction.   And just days after the Federal Budget announcement that businesses will be able to claim a 120% deduction for expenditure on training and technology costs, we started receiving marketing...