Deduction for self-education courses So, you are undertaking a course or further education that relates to your work or business in some way – and you have to pay for the costs of the training or course. Well, the question of whether you can claim a deduction for this cost as “self- education” expenses
That small farm dream… and tax deductions Many professionals (and others) who retire – or who are on the verge of retiring – turn their minds to buying farmland and carrying out some sort of small-scale farming activities. And some are already right into it. But there are some important tax considerations that should be
Unwrap your future: 12 super tips for a merry and bright retirement Christmas is a time for giving, but it’s also a great time to give your future self the gift of financial security. Here are 12 simple superannuation tips to help you make the most of your super fund – wrapped up with a
Christmas & Tax With the festive season just around the corner (or already under way), many business owners will be gearing up for year-end celebrations with both employees and clients. Knowing the rules around FBT, GST credits and what is or isn’t tax deductible can help avoid unwelcome surprises on the tax front. Holiday celebrations
Super on parental leave pay is now law Starting 1 July 2025, new parents will receive superannuation payments on top of their paid parental leave (PPL). THE CHANGE Eligible parents with babies born or adopted from 1 July 2025 will get an extra 12% of their government- funded PPL as a superannuation contribution to their
The black hole of CGT and trusts To say that the interaction of the Capital Gains Tax (CGT) laws and trusts is complicated is probably one of the greatest understatements that anyone could make about the operation of the tax laws. The laws of physics may be much simpler – and, in this regard, it
How taxable is that side hustle? With Australia going through a major cost of living crisis and interest rates not coming down as quickly as hoped, more and more people are looking at ways of creating additional cash flow to help make ends meet. What is a side hustle? Earning extra income on top of
The dangers of failing to declare income or lodge returns There are many adverse consequences associated with failing to lodge income tax returns or omitting income from those returns if the ATO finds out. The ATO has increasingly sophisticated technology to track such matters and catch people out – including “data matching” programs where it
Selling a property with mixed rental and residential use Selling a property that may have been used for mixed rental and residence purposes has a lot of capital gain tax (CGT) issues – and some of these also involve exercising good judgment as to how to best use the relevant CGT concessions. By way of
Making contributions later in life Superannuation laws have been simplified over recent years to allow older Australians more flexibility to top up their superannuation. Below is a summary of what you need to know when it comes to making superannuation contributions. Adding to super The two main types of contributions that can be made to
Who is a spouse under the tax laws, and why does it matter? While Australia doesn’t have a joint filing option for married couples, there are some aspects of your individual tax assessment that depend on your spouse’s income. For example, your eligibility for the private health insurance rebate and your liability for the Medicare
Selling a small business operated through a company Sell the shares or sell the assets? If you run a small business through a company and you decide to sell it, you have the choice of either selling the business assets themselves (together with any goodwill) or selling your shares in the company. Access to the