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PAYG Withholding Or PAYG Instalments?
As a taxpayer, you may have come across the term pay-as-you-go (PAYG). PAYG is generally a good thing, but there can be confusion between PAYG withholding and PAYG instalments, particularly if you’re an individual who is eligible for both. Both are amounts by which...
Why Do I Have To Fill Out A Tax Return For My Deceased Loved One?
At the worst time of your life, the last thing you want to think about is tax. When a loved one dies, however, their affairs must be dealt with at some stage. This includes their tax obligations. To deal with a deceased loved one’s affairs, the help of a solicitor is...
End Of The Lamington (LMITO)
Next year’s tax return may look slightly different to previous years for low and middle-income earners, with an end to the Low-Middle Income Tax Offset (LMITO). It has been confirmed that the 2021-22 income year will be the final year for the LMITO to be applied to...
The Housing Market – Risk Or Reward?
Any time could be the worst time for you to buy a property or the best time to buy. There is no ‘right time’ to be a part of the market when purchasing or selling a property. When it comes to deciding the right time to buy or sell, at the end of the day, it’s your...
Is Switching Your Home Loan The Way To Go?
Record low-interest rates, generous tax breaks and schemes to supplement loan deposits over the last several years made entering the property market as a first home-buyer easier and more affordable. With inflation causing those low-interest rates to skyrocket, there...
An Economic Outlook As Inflationary Pressures Continue To Grow
There has been a lot of economic information prevailing in the headlines over the last few months. The lowest unemployment rates in decades are currently in sight, each of the Reserve Bank of Australia’s (RBA) monthly meetings seems to be increasing the interest...
End Of Year Workplace Events & Their Tax Deductibility
While your business may not be planning an extravagant bash, a Christmas party may still be on the menu for your hard-working employees. Planning your end-of-year event for the office with a little knowledge of the potential tax deductions you could be able to claim...
NSW’s Stamp Duty Decision Could Pave The Way For Other States
In June 2022, a milestone policy was included in the NSW Government Budget to offer first home buyers the choice to pay a one-off lump sum tax (‘stamp duty’) or an annual land tax when purchasing homes under a certain value. The legislation for this policy is planned...
Watch Out For Illegal Early Release Of Superannuation Schemes
With tough times facing individuals, such as bank foreclosures and retrenchments, the rising cost of living pressures and mortgage defaulting, some people might get caught up in illegal schemes to take their money out of super. Promoters of illegal schemes single out...
What If The Tax Office Gets It Wrong?
The only two certainties in life are death and taxes, or so the saying goes. Some may believe that the Australian Taxation Office (ATO) lives by that as its mantra. However, sometimes they may make a decision that we as tax professionals and your trusted advisers may...
Is Switching Your Home Loan The Way To Go?
Record low-interest rates, generous tax breaks and schemes to supplement loan deposits over the last several years made entering the property market as a first home-buyer easier and more affordable. With inflation causing those low-interest rates to skyrocket, there...
An Economic Outlook As Inflationary Pressures Continue To Grow
There has been a lot of economic information prevailing in the headlines over the last few months. The lowest unemployment rates in decades are currently in sight, each of the Reserve Bank of Australia’s (RBA) monthly meetings seems to be increasing the interest...
End Of Year Workplace Events & Their Tax Deductibility
While your business may not be planning an extravagant bash, a Christmas party may still be on the menu for your hard-working employees. Planning your end-of-year event for the office with a little knowledge of the potential tax deductions you could be able to claim...
NSW’s Stamp Duty Decision Could Pave The Way For Other States
In June 2022, a milestone policy was included in the NSW Government Budget to offer first home buyers the choice to pay a one-off lump sum tax (‘stamp duty’) or an annual land tax when purchasing homes under a certain value. The legislation for this policy is planned...
Watch Out For Illegal Early Release Of Superannuation Schemes
With tough times facing individuals, such as bank foreclosures and retrenchments, the rising cost of living pressures and mortgage defaulting, some people might get caught up in illegal schemes to take their money out of super. Promoters of illegal schemes single out...
What If The Tax Office Gets It Wrong?
The only two certainties in life are death and taxes, or so the saying goes. Some may believe that the Australian Taxation Office (ATO) lives by that as its mantra. However, sometimes they may make a decision that we as tax professionals and your trusted advisers may...
Finding The Right Tax Strategy For Life Insurance
The type of cover, deductibility of premiums and treatment of claims make life insurance a complex topic for tax. It’s a topic that professionals and businesses alike seek assistance from accountants. The deductibility of premiums and treatment of claims payouts can...
Does Having Two Jobs Mean More Tax Is Paid?
It’s a common misconception that working two or more jobs will increase the tax you pay at the end of the year. However, the Australian Taxation Office (ATO) only needs to know much your total taxable income is. They do not care how many jobs you have or how many...
Budget 2022
OVERVIEW The Government has referred to this as a Budget that is solid, sensible and suitable for the times, with a significant focus on trying to address cost of living pressures. The announcements made in this area may not be readily obvious, as it is not a Budget...
How Do I Know I’m A Tax Resident Of Australia?
Are you a resident of Australia for tax purposes? While the answer may seem simple to you, in the eyes of the ATO it can be a complicated matter entirely. Being an Australian resident for tax purposes is not necessarily the same as being an Australian resident for...
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