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The clock is ticking towards the festive season, and home buyers still have a small window of opportunity to be settled in their new place by Christmas Day. The good news is that a broker can help you get there. A quick visit to the supermarket shows that shelves are already stocked with festive fare...
In a recent decision, the Administrative Review Tribunal (‘ART’) held that a taxpayer could not claim a tax deduction for medical expenses incurred by him in relation to his total and permanent disability pension. The taxpayer had been terminated from his employment due to total and permanent disablement (‘TPD’). For the 2024 income year, his...
Employers that supply work vehicles to their employees need to check how the work vehicles are used and whether any exemptions apply to determine if they attract fringe benefits tax (‘FBT’). FBT generally applies when a work vehicle is made available for private use, even if it is not actually used. Private use includes any...
The ATO is seeing sole traders make mistakes in the following areas: not reporting all income — this includes income earned outside their business (like a ‘side hustle’), cash jobs, or payments in-kind/barter deals; overclaiming expenses — this includes claiming the portion of an expense related to personal use, or overstating the cost of goods...
Taxpayers who have had work done on their rental property should ensure the expense is categorised correctly to avoid errors when completing their tax return. A deduction for ‘repairs and maintenance’ expenses can be claimed for work done to remedy, or prevent defects, damage or deterioration from using the property to earn income. These expenses...
Employers are reminded that employee super contributions for the quarter ending 30 September 2025 must be received by the relevant super funds by Tuesday, 28 October 2025. If the correct amount of SG is not paid by an employer on time, they will be liable to pay the SG charge, which (as noted above) includes...
The ATO is warning businesses that if they incorrectly treat an employee as an independent contractor, then they risk receiving penalties and charges, including: PAYG withholding penalty for failing to deduct tax from worker payments and send it to the ATO; Super guarantee charge (‘SGC’), which is more than the super that would have been...
The way the ATO applies and remits interest on unpaid tax debts is attracting close scrutiny. With the Tax Ombudsman now conducting a review into how these charges are managed, it’s an issue that may affect many taxpayers and small businesses already under financial pressure. We’re sharing the following article from AccountantsDaily, which outlines the...
If you’re like most first home buyers, you’ve probably realised by now that saving up for a 20% deposit can be a real slog. But what if we told you that you now only need a 5% deposit? And better yet, you could already have that amount ready to go now. Saving up a deposit...
Spring is traditionally the peak season for property, and three rate cuts this year could further fuel buyer competition. Check out five steps that can give you a valuable head start this spring. The combination of warmer weather, blooming gardens and the chance for buyers to be settled in their new home by Christmas makes...
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2023 Quantiphy – Eastern Suburbs, Sydney. All Right Reserved. Website By Omni Online