Book yourself in for the ‘super health check’ initiative This tax time, the ATO is introducing the ‘super health check’ initiative. This consists of five simple and important things that individuals can do to get on top of their super, including: Check your contact details. Check your superannuation balance and employer contributions. Check for lost
Category: Financial Advice
Time for a restructure?
Time for a restructure? The new financial year can be a time where business owners look at their operating structure and consider whether it still meets their needs. Choosing a structure is not simply about minimising tax, rather a range of factors should be considered as such as asset protection, establishment and ongoing compliance costs,
TNR Tax Alert – August 2023
Welcome to the Tax Alert – all of the latest tax news, views and clues for this month.
Superannuation and the right to delegate
Superannuation and the right to delegate Another key Federal Court case may have a bearing on whether you owe certain workers you engage superannuation guarantee or not. For background, early last year the High Court made a game-changing decision in determining whether a worker is an employee or contractor at common law. It ruled that
ATO Important Dates August 2023
The following are the important ATO dates for this month.
Work-related car expenses updated
Work-related car expenses updated The ATO has just announced that the cents per kilometre rate has increased to 85 cents per kilometre for 2023/24. To recap, there are two methods to claim work-related car expenses as follows: 1. Cents per kilometre method This method is easier for record keeping, involves a more simple calculation, and
HLB Mann Judd IPO Watch Australia Mid-Year report
HLB Mann Judd IPO Watch Australia Mid-Year report Attached is a report highlighting Initial Public Offering (IPO) activity for the first half of 2023 year. The report is produced by the HLB Mann Judd Network of Firms of which TNR is a member. Please click the following graphic to access the report. Please contact your
Small business lodgement amnesty
Small business lodgement amnesty Since Budget night, the ATO has released more information around the small business lodgment amnesty…which can now be taken advantage of from 1 June 2023! The amnesty was announced in the recent Budget. It applies to tax obligations that were originally due between 1 December 2019 and 28 February 2022 and
Super guarantee increases to 11%
Super guarantee increases to 11% The increase to the superannuation guarantee (SG) rate from 1 July 2023 will see more employees (and certain contractors) entitled to additional SG contributions on their pay. But what happens when income earned before 30 June is paid after 30 June 2023 – will employees be entitled to the higher
Do you have a side-hustle?
Do you have a side-hustle? With the cost-of-living skyrocketing, have you taken up a side-hustle? With new and emerging ways to make money, the ATO is reminding taxpayers to consider if they are ‘in business’ and to declare to their tax agent if they are engaged in a side-hustle. Record numbers of taxpayers are now
TNR Tax Alert – July 2023
Welcome to the Tax Alert – all of the latest tax news, views and clues for this month.
ATO Tax Time focus areas
ATO Tax Time focus areas With the end of the financial year on our doorstep, the ATO has announced its three key focus areas for 2022-23 Tax Time – rental property deductions, work- related expenses, and capital gains tax (CGT). To maximise your claims in this area and protect yourself from ATO audits and adjustments,