The superannuation guarantee statutory rate has remained at 9.5% since July 2014. However, plans have been in place for some years now, to increase the rate to 12% incrementally. In July 2022, the rate will rise to 10.5%. From then on, the rate will increase by 0.5% each year until July 2025 when it will…
Summary If you are involved in a discretionary trust (commonly known as a family trust), then you need to know that the ATO are on the warpath. Where your trust is used to shift income to family members on lower tax brackets – you might be in for a nasty surprise soon. The ATO is…
Christmas is nearly here, and it’s a great time to let your customers and team members know how much you appreciate them. But this has been a tough year – it’s not easy to know how much to spend or whether it’s appropriate to throw a party. Gifts, cards and donations The traditional professional Christmas…
Whether you’re currently involved in a cryptocurrency like bitcoin, or considering buying a cryptocurrency, it’s vital to explore the tax implications. While these will vary according to your circumstances, and it’s important to seek professional advice, there are some basic tenets you can start with. Getting started No matter how you intend to use your…
How would you like up to $500 tax-free paid into your super fund by the Government. To help you save for retirement, the Government has an incentive program that rewards you for making eligible personal contributions to your superannuation fund. If your total income for the year does not exceed $41,112 in 2021-22 ($39,837 for…
Superannuation stapling’ is a new measure that was introduced as part of a package of reforms to the superannuation system announced in the 2020/21 Federal Budget. Under this measure, an existing superannuation account is linked, or ‘stapled’, to an individual employee so that it follows them as they change jobs. This avoids the creation of…
A capital gain (or loss) occurs when an asset is sold. The difference between the purchase price and the sale price is the gain or loss. Capital gains tax (CGT) applies to money you have made from selling an eligible asset. Capital gains tax events occur when an asset is sold, or other triggers arise,…
When it comes to the financial management of any business, it’s often said that Cash Is King! Whether your business is growing or struggling, managing your cash flow effectively is essential, and for many, it’s the key to business survival. You’ve probably heard the statistic that over 60% of businesses that fair are still profitable, but just…
We live in a digital world where our company’s data and (crucially) our customers’ data is under constant attack. Hackers are always looking for new ways to break into your systems and databases – and this has resulted in many significant data breaches in recent years. When your security is breached, and your data is…
Once again, the Bank of Mum and Dad is making headlines. As property prices enjoy a post-pandemic resurgence, an increasing number of first home buyers are being priced out of the market. While a boon for homeowners, it’s a different story for those trying to get a foot onto the property ladder. According to recent…