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How to take advantage of the 1 July super cap increase From 1 July 2024, the amount you can contribute to super will increase. We show you how to take advantage of the change.
The ATO Debt Dilemma Late last year, thousands of taxpayers and their agents were advised by the Australian Taxation Office (ATO) that they had an outstanding historical tax debt. The only problem was, many had no idea that the tax debt existed.
Can my SMSF invest in property development? Australians love property and the lure of a 15% preferential tax rate on income during the accumulation phase, and potentially no tax during retirement, is a strong incentive for many SMSF trustees to dream of large returns from property development. We look at the pros, cons, and problems that often occur.
The ATO HAS updated ITS guidance on employee / contractor distinction The ATO has now finalised its ruling TR 2023/4 that explains how to determine whether a worker should be classified as an employee for PAYG withholding purposes. The ruling focuses on determining whether someone is an employee under the ordinary meaning of the term but doesn’t look at the extended definition of employee that is used in the context of the superannuation guarantee system.
The problem when the evidence doesn’t match what the taxpayer tells the ATO A recent case before the Administrative Appeals Tribunal (AAT) highlights the importance of ensuring that the evidence supports the tax position you are taking.
Tired of clunky accounting software? Say hello to Xero, the cloud-based platform designed to save you time and headaches. This guide walks you through transferring your chart of accounts to Xero, freeing you to focus on what matters most: running your business.
The key influences of 2024 Uncertainty has reigned over the last few years, but can we expect more consistency as we head into 2024? We explore some of the key issues and influences.
TAX DEBTS ON HOLD?? A wave of Australians are reeling from unexpected notices of “on-hold” debts, some decades old and reaching thousands of dollars, despite meticulously fulfilling their tax obligations for years with no prior warning.
Fixed-term employment contracts limited to 2 years New rules in place from 6 December 2023
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