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Key lodgment and payment dates for business for August. 14 August Lodge PAYG withholding payment summary annual report for: large withholders whose annual withholding is greater than $1 million payers who have no tax agent or BAS agent involved in preparing the report. 21 August Lodge and pay July 2023 monthly business activity statement. 25 […]

Do You Know About Allocation of Professional Firm Profits? The Australian Tax Office (ATO) has a new rule. They’re going to be talking to some professional workers, like lawyers or engineers (these are called Individual Professional Practitioners or IPP’s), to see how they are treating profits in their respective firms. The Guideline, PCG 2021/4, updates

Employers & business Superannuation guarantee increases to 11% from 10.5% National and Award minimum wage increases take effect. The minimum salary that must be paid to a sponsored employee – the Temporary Skilled Migration Income Threshold – increased to $70,000 from $53,900. Work restrictions for student visa holders reintroduced to 48 hours per fortnight. The

The 120% skills and training, and technology costs deduction for small and medium business have passed Parliament. We’ll show you how to take maximise your deductions. Almost a year after the 2022-23 Federal Budget announcement, the 120% tax deduction for expenditure by small and medium businesses (SME) on technology, or skills and training for their

Whew what a month! The long awaited Skills and Technology Boosts passed Parliament just at the point we thought the concept was dead and buried. Oh wait, your clients have no time to maximise their technology boost deductions (it covers expenditure incurred from 29 March 2022 until 30 June 2023). And, then there’s the raft

Key lodgment and payment dates for business for July. 21 July Lodge and pay June 2023 monthly business activity statement. Lodge and pay quarter 4, 2022–23 PAYG instalment activity statement for head companies of consolidated groups. 28 July Lodge and pay quarter 4, 2022–23 activity statement if electing to receive and lodge by paper and

Tax deductions for topping up super You can make up to $27,500 in concessional contributions each year assuming your super balance has not reached its limit. If the contributions made by your employer or under a salary sacrifice agreement have not reached this $27,500 limit, you can make a personal contribution and claim a tax

Bring forward the purchase of assets If there are large assets your business needs to buy (or upgrade), you have until 30 June 2023 to use the temporary full expensing rules. These rules enable businesses with an aggregated turnover of up to $5bn to fully deduct the cost of the asset upfront rather than being

It’s that time of year when we all look at what last minute things we can do to maximise tax savings. In the wise words of the late Kerry Packer to a Senate estimates committee, “Of course I am minimising my tax. And if anybody in this country doesn’t minimise their tax, they want their

The ATO has stated that it has three key targets this tax time: Rental property deductions; Work-related expenses; and Capital gains tax. For rental properties, the ATO states a review of income tax returns showed that 9 in 10 rental property owners are getting their return wrong. The ATO often sees rental income being left