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What Is Never Tax-Deductible?
What Is Never Tax-Deductible? There are special provisions in tax law that provide that certain items will never be tax-deductible. Even if you feel that you have necessarily incurred this expense in earning your income, they will still not be tax-deductible. In...
$450 EARNING THRESHOLD FOR SUPERANNUATION GUARANTEE PAYMENTS REMOVED
From 1 July 2022, employers will need to pay super for employees who earn less than $450 per month provided they meet certain eligibility requirements, In addition, employers will also need to pay super for employees under 18 years old who work more than 30 hours a...
SINGLE TOUCH PAYROLL – PHASE 2 – WHAT YOU NEED TO KNOW
On 1 January 2022, the STP Phase 2 was introduced. This phase expands the obligatory employer reporting requirements as well as making it easier to provide specific employee information to multiple government agencies. STP Phase 2 has many benefits for employers, and...
Personal Services Income (PSI) – What is it and How Does it Affect me?
Personal Services Income (PSI) is ordinary or statutory income that has resulted from an individual’s personal efforts and skills; income that is intended as a reward. It is a way to combine company and trust structures to transfer income from one person to lower tax...
The Low Income Super Tax Offset
Investing through superannuation is often done due to the lower tax rates on super than what most people actually have to pay. A super fund only pays 15% tax on what the fund receives. When contributions are made to the super fund, it will only pay 15% tax on those...
Living Life Without The Added Costs Of Insurance Premiums
Life insurance is one of those things that you really shouldn’t live without, but it doesn’t need to be complicated. It can be a difficult product to understand with so many features and terms, but once you know how it all works together, it becomes a lot simpler. And...
Purchasing A Home? 5 Things You Need To Consider Before Signing On The Dotted Line
When making a significant financial decision such as the purchase of your forever home, you need to make sure it’s exactly what you’re after. There are only certain times that a home can be ‘returned’, and change of mind isn’t exactly covered. . When you decide to buy...
Planning A Better Retirement
Thinking about your grand retirement plan of setting about the country as a grey nomad? Want to be able to spoil your family after you finish working? Or are you simply wishing to ensure that you’re financially set to live out the rest of your life as you’d like? No...
SMSFs Can Invest In Crypto But Is It Worth Switching?
Your superannuation is your pathway and funding to your retirement and golden years, so you want to make sure that your investments are giving you the best returns that they possibly can. If you are in a retail or industry superannuation fund, you are limited in what...
Setting Up a Medical Practice Checklist
Working in the medical and healthcare field is an honourable choice at any time, especially in our current climate. If you’re setting up your own practice as well, this can be tricky to navigate, but— as we’re sure you know— it will be worth it in the end. While...
The Low Income Super Tax Offset
Investing through superannuation is often done due to the lower tax rates on super than what most people actually have to pay. A super fund only pays 15% tax on what the fund receives. When contributions are made to the super fund, it will only pay 15% tax on those...
Living Life Without The Added Costs Of Insurance Premiums
Life insurance is one of those things that you really shouldn’t live without, but it doesn’t need to be complicated. It can be a difficult product to understand with so many features and terms, but once you know how it all works together, it becomes a lot simpler. And...
Purchasing A Home? 5 Things You Need To Consider Before Signing On The Dotted Line
When making a significant financial decision such as the purchase of your forever home, you need to make sure it’s exactly what you’re after. There are only certain times that a home can be ‘returned’, and change of mind isn’t exactly covered. . When you decide to buy...
Planning A Better Retirement
Thinking about your grand retirement plan of setting about the country as a grey nomad? Want to be able to spoil your family after you finish working? Or are you simply wishing to ensure that you’re financially set to live out the rest of your life as you’d like? No...
SMSFs Can Invest In Crypto But Is It Worth Switching?
Your superannuation is your pathway and funding to your retirement and golden years, so you want to make sure that your investments are giving you the best returns that they possibly can. If you are in a retail or industry superannuation fund, you are limited in what...
Setting Up a Medical Practice Checklist
Working in the medical and healthcare field is an honourable choice at any time, especially in our current climate. If you’re setting up your own practice as well, this can be tricky to navigate, but— as we’re sure you know— it will be worth it in the end. While...
Will Interest Rates Rise Next Year?
Interest rates have a great impact on the Australian economy. This is because the lower the interest rates are, the more money there is to spend. The more money there is to spend, the more likely and often it will be spent (as opposed to saving it). When spending...
Why Use A Specialist Medical Accountant?
Accounting can often be more complex than it needs to be, which is why most businesses opt to outsource a professional to do the heavy-lifting. Although, in such a popular profession you may be wondering who the best person for the job actually is. Most people are...
Getting Out Of A Self-Managed Super Fund
If you’re a trustee of a self-managed super fund, there may be some reasons or circumstances that could have emerged that may result in you wanting to get out of that fund. These may be personal circumstances (such as a divorce or another trustee dying), financial...
What Are Negative Interest Rates?
An interest rate is effectively the cost of borrowing, which the major central bank determines. This means that the lender charges a borrower interest when they take out an type of debt. However, a negative interest rate environment is where those lenders may end up...
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