Read the latest news, get tax advice and keep up to date with our timely and informational short reports.
The Superannuation Guarantee (SG) is the minimum amount that your employer should pay into your fund and has been increased to 10.5% from 1 July 2022 and is set to increase 0.5% every year until it reaches 12% from 1 July 2025. Our short report details what you should be aware about when it comes to your super.
The end of financial year (EOFY) is a time to claim all eligible tax deductions on offer. When people think of tax deductions for their businesses, they automatically think of operating and capital expenses, but did you know there are a range of deductions on payroll, superannuation and fringe benefits that can be claimed?
The end of financial year 2022 is upon us. It’s a good idea to keep on top of these key dates to keep your business running smoothly through the added pressure of tax time. What records do you need and why do you need them?
Do you need to lodge a tax return this year? You might be surprised that most people do need to lodge a tax return. Even if you’ve worked and not paid tax, you’ll need to let the ATO know. Some government pensions and payments as well as some Covid-19 payments will be counted towards your taxable income and must be declared when you lodge your tax return. Your tax agent will let you know what income is and isn’t taxable in your appointment.
There are several key tax deductions that paramedics can claim. It pays to know what you can claim and how to claim your expenses so you can get some money back in your pocket. Here are the top tax tips for claiming tax deductions if you work as a paramedic.
Established in 1999, the Farm Managements Deposit (FMD) Scheme is a government initiative which provides tax deductions on farm management deposits to help primary producers deal with inconsistent income from natural disasters, climate and market changes aiming to provide assistance through tax liability. If you’re a primary producer, it might pay to understand how the FMD works and how you can benefit from this scheme.