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If you’re an Australian resident for tax purposes, you don’t have to pay income tax on the first $18,200 you earn each year, from any source. This is called the “tax-free threshold”. If you have more than one job, change employers during the year, have a sole trader side gig or get government payments, it’s...

Last week, a range of employment law changes under the Fair Work Legislation Amendment (known as the Closing Loopholes No. 2) came into effect that all employers need to be across.   The below summarises the key changes effective from 26 August 2024.   Right to Disconnect The new employee right to disconnect has garnered...

The new financial year has begun, and with it have come some important changes to superannuation from 1 July 2024. With these changes coming into effect, it’s a good time to give your super a check-up. Your super could be one of the biggest assets you ever have, so getting into the habit of checking in...

If your business owns or leases a vehicle that’s used for business purposes, it’s essential to keep proper records to ensure you’re entitled to the maximum deduction for your vehicle expenses. Running costs like fuel and oil, repairs, servicing, insurance premiums and registration are all potentially claimable, as well as interest payments on a loan...

Have you made charitable gifts or donations in the past financial year? The good news is these items are often deductible, giving many Australians a welcome boost to their tax refund. Make sure you know the rules this tax time. When gathering your donation receipts, it’s important to understand what can and can’t be claimed...

In recent years, the financial landscape in Australia has been significantly transformed by the advent of buy now, pay later (BNPL) services. These innovative credit products have provided consumers with a convenient and often cheaper alternative to traditional credit forms such as credit cards, small amount credit contracts and consumer leases.  BNPL arrangements typically involve...

On 14 May 2024, the Treasurer, Jim Chalmers, delivered his third Federal Budget for the Albanese Government. With an uncertain economic landscape with Australia continuing to face ongoing global uncertainty stemming from persistent inflation in North America; growth slowing in China and other major economies; the United Kingdom and Japan both finishing the year in...

In the realm of politics, a tax cut can swiftly transform from a promise to a policy shift, especially during election times. The question on politicians’ minds then becomes: how can one deviate from the promise without facing repercussions? Recently, the Labor Party found itself in this predicament surrounding Stage 3 tax cuts, maintaining its...

Small businesses (with an aggregated annual turnover of less than $50 million) can deduct an additional 20% of the expenditure incurred for the purposes of business digital operations or digitising its operations on business expenses and depreciating assets such as portable payment devices, cyber security systems or subscriptions to cloud based services. An annual $100,000...

The NSW Treasurer, Daniel Mookhey handed down Labor’s first Budget in 12 years on 19 September 2023. Significant changes have been made to the NSW State taxes. The expected tax revenue for NSW over the next four years till 2025-27 will rise by $17.6 billion. Since the 2023 pre-election budget update, all estimates were revised...