If you have an SMSF, it’s essential to get your fund is in good shape and ready for June 30 and the annual audit. It’s particularly important this year, because the ATO is focussed on fixing a number of issues when it comes to SMSFs. These include high rates of non-lodgment and problematic related party loans by…
Do you find yourself drowning in random receipts when EOFY comes around? Learn to lodge your tax return the easy way with these last-minute and longer-term tax hacks. Tax paperwork is something few of us take in our stride. In fact, the majority of people hand over much of this responsibility to someone more qualified….
Superannuation has dominated recent headlines, with proposed changes announced by Treasurer Jim Chalmers. While the details of these changes still need to be released, it’s worthwhile turning our focus to superannuation balances as we approach the end of financial year. There are lots of different ways to top up your super, but if you want…
We’re serving up the truth about some common scam myths that you might have heard, especially around tax time. Myth 1: Only older people get scammed Busted! Last year people aged 25 to 34 lost the most to tax scams, followed by those aged 18 to 24. Tax scams target everyone. If you get a…
New rules coming into force on July 1 will create opportunities for older Australians to boost their retirement savings and younger Australians to build a home deposit, all within the tax-efficient superannuation system. Using the existing First Home Super Saver Scheme, people can now release up to $50,000 from their super account for a first…
As the end of the financial year approaches, now is a good time to check your super and see what you could do to boost your retirement nest egg. What’s more, you could potentially reduce your tax bill at the same time. There are a handful of positive changes to super due to start next…
This year’s Federal Budget covers a range of measures aiming to reduce the pressure from increased costs of living and help more people into homes. Note: These changes are proposals only and may or may not be made law. Personal taxation Cost of living tax offset: The Low and Middle Income Tax Offset (LMITO) will…
It seems like June 30 rolls around quicker every year, so why wait until the last minute to get your finances in order? With all the disruption and special support measures of the past two years, it’s possible your finances have changed. So it’s a good idea to ensure you’re on track for the upcoming…
Donating to a charity or cause you care about is a win-win for both you and the charity. Charities rely on the generosity of donors to help them do their work, while you get the satisfaction of supporting a worthy cause. Even better, many donations are tax-deductible, meaning they reduce your assessable income. How do…
Australian shares are popular investments with self-funded retirees and anyone who depends on income from their investments, due in part to the favourable tax treatment of franked dividends. After falling off in the early days of the COVID pandemic, share prices and dividends bounced back strongly in the year to June 2021. Investors who depend…
