ATO Scam tips

Why it is important to protect your tax file number. Some of you may already be aware how important it is to protect your tax file number (TFN) from getting into the wrong hands. Crooks can use your TFN for TFN fraud, such as present themselves as you to the ATO , do your tax…

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July Covid support payments from state government

During this July 2021 Covid support payment update Some updates for you: 1.    Support for individuals The COVID-19 Disaster Payment has been extended to residents of South Australia and Victoria. The payment will be: $600 per week to individuals that have lost 20 hours or more of work during the lockdown period, or $375 per…

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How company saves tax explained simply

How to save tax in business using a company   Most companies are now taxed at 25% from each $ of profit from 1/7/21   Whereas individual takes rates are higher than this from each dollar over $45000 So businesses can take advantage of the lower individual tax rates by paying themselves individual income from…

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what is new for tax 2021

Changes to tax returns 2021   ATO Warning – Copy & Pasting Claims ATO are setting their sights on work related expenses (such as motor vehicle, travel claims, laundry, uniform purchases and business trips). The expectation is that these deductions should reduce for taxpayers who were working from home during COVID 19. However, the ATO…

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Why to own investment property in Self manged Super Funds

Something you need to know if you are growing an investment property portfolio.   Find out what here… Let say Luigi and Maria Retire with 8 rental properties owned outright   Sounds great But if they owns them individually They could still have a high taxable income Lets assume 40k taxable income each So that…

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Budget 2021

Budget 2021 Updates Next years personal income tax rates had already been announced, they are: We can look forward to more personal income tax cuts in 2025 LMITO retained for 2021-22 – the Government will retain the low and middle income tax offset for the 2021-22 income year. The LMITO provides a reduction in tax…

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SMSF Update Super contribution caps set to increase

Superannuation Update for 2022 financial year Main changes are: contribution cap is set to increase from $25,000 p.a. to $27,500 pa from 1 July 2021. The non-concessional cap in 2021–22 will see the standard cap increased from $100,000 to $110,000 from this date. In addition, the maximum amount a member who was under 65 at the…

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Keep your Super safe!

The recent incident of fraudulent activities carried out by unfaithful financial advisors has raised the much-needed awareness for protecting your super. These advisors have swindled clients, including friends and family, for millions of dollars through their dodgy schemes.   These unethical behaviours have raised serious concerns about safeguarding your super savings. Here are a few…

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Facebook ads to include GST

SMSF accountants adelaide

GST on Facebook Did you know that from 15/2/2021 goods and services tax (gst) will be included on your facebook advertising invoices. Simply add your valid business abn to your facebook account settings.   Great initiative by the Australian government. Finally facebook paying some gst is part of the Australia’s tax policies to stop multinational…

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Keep your data protected!

  Recently we were informed by one of our clients about their experience in dealing with a scammer proclaiming to be from the ATO. We couldn’t help but wonder if we have exposed ourselves to the dark side of the web? Due to COVID, we now find ourselves spending a lot more time on the…

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Work From Home Tax Deductions explained

Work From Home Tax Deductions explained We understand that due to COVID-19 your working arrangements may have changed. If you have been working from home, you may have expenses you can claim a deduction for at tax time.   Home Office deduction on tax return: requirements, records to be kept, what can be claimed. why…

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What Happens If You Lodge Your Tax Return Late?

Sometimes life throws things in our path that get in the way of important deadlines like our tax returns and we find ourselves on the other side of the due date. Sometimes we deliberately don’t want to submit our tax returns for fear of the tax debt. Whatever the reason for getting behind, penalties can…

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