UPDATE ON CLAIMING WORKING FROM HOME EXPENSES
Many of you will now be accustomed to making a claim for expenses incurred whilst working from home. Some of you may have found yourselves working either part-time or full-time at home due to the impact of COVID-19 and have been entitled to a significant work related...
UPDATE ON DOWNSIZER SUPER CONTRIBUTIONS
Since 1st July 2018 qualifying older Australians who sell their home may qualify to make a super contribution up to $300,000 for a single person and $300,000 for each of a couple providing they were aged 65 and over. According to the ATO this opportunity to transfer...
Do you Qualify for the Commonwealth Seniors Health Care Card
This month’s article should be of interest to readers that have reached age pension age but are not eligible for the age pension and are most likely self-funded retirees or have not retired but are earning either employee or business income and have either failed the...
PROPOSED CHANGES TO WORKING FROM HOME DEDUCTIONS
Many of you will now be accustomed to making a claim for expenses incurred whilst working from home. Some of you may have found yourselves working either part-time or full-time at home due to the impact of COVID-19 and have been entitled to a significant work related...
THE 2022-2023 FEDERAL BUDGET – TAX AND SUPER ISSUES
The 2022 budget contains some very scary forecasts including rising interest rates, rising inflation, rising energy costs, all of which are expected to have a significant impact on household spending and small business. Fortunately the budget does not contain major...
PLANNING TO ENSURE A FINANCIALLY SECURE RETIREMENT
This month there were two sets of data released that may be a cause for concern for those who are approaching retirement. On August 18th the Association of Super Funds of Australia revealed that retirees will now need to spend more in order to retire comfortably....
THE IMPORTANCE OF ACCURATE RECORD KEEPING FOR RENTAL PROPERTIES
The ATO has advised that income and tax deductions from rental properties are one of four key areas that it is focusing on this tax time. The other three areas are record keeping, work related expenses and capital gains from crypto assets, property and shares. In this...
TAX AND SUPER CHANGES FROM 1ST JULY 2022
Part A – Tax Changes There are two tax changes relating to claiming work related expenses relevant for most taxpayers that will apply from July 1st 2022. 1) Cents per hour claim for car expenses Earlier in the year the ATO proposed that the cents per kilometer method...
PREPARING FOR TAX TIME 2022 – PART 3
Regardless of whether you plan to prepare and lodge your own tax return or alternatively use the services of a registered tax agent, you will need to get your paperwork in order to facilitate the preparation of your tax return. Assessable Income Identifying and...
TIME TO PREPARE FOR TAX TIME 2022 – PART 2
Last month this column explained the importance of getting your deductible expenditure records in order to ensure you maximize your work related deductions and focused on the two options available for claiming work related motor vehicle expenses. This month’s column...
TIME TO PREPARE FOR TAX TIME 2022
The time is rapidly approaching when you should be getting your deductible expenditure records in order to ensure you maximize your work related deductions. In order to claim a deduction you must be able to reply yes to the following three criteria: you must have...
NEW SUPER MEASURES TO BE AWARE OF
In the 2021 Federal Budget a number of welcome super proposals were announced. There had been no action to implement these super measures until 10th February 2022 when the Treasury Laws Amendment (Enhancing Superannuation for Australians and Helping Australian...