Christmas is traditionally a time of giving, including employers showing gratitude to their workers for a job well done throughout the year. However, depending on the nature and value of the gift, and also who it is gifted to, such magnanimity can attract unwanted tax consequences. So how as an employer do you gift most...

Whether your superannuation impacts your Age Pension depends on a number of factors, such as your age and your level of assets and income. Age pension age In order to qualify for Age Pension payments, you must have reached age pension age. Your age Pension age is determined by when you were born, as follows:...

With many parts of Australia in the grip of a rental crisis, a significant number of tenants may be residing in the properties of friends and relatives. A recent case that came before the Administrative Appeals Tribunal (AAT), Rizkallah and FCT [2022] AATA 3081, is a timely reminder that rental expenses in excess of income...

Do you have your own business or are thinking of starting one? If so, you may need to pay yourself superannuation depending on your business structure. Types of business structures available If you were working for a company, your employer would be required to pay you superannuation guarantee (SG) contributions of 10.5% of your earnings...

Caps and limits untouched In a pleasing development, the important superannuation caps and limits were undisturbed, providing all-important investor certainty moving forward. This means that: individuals will be permitted to contribute just as much to superannuation as currently under the concessional and non-concessional caps at $27,500 and $110,000 respectively (or up to $330,000 of non-concessional...

The confirmation of lucrative income tax cuts, and the scrapping of a tax offset for low and middle-income earners were the big-ticket items. That said, labor’s first federal Budget in nine years was as noteworthy for the changes it didn’t make as for those that it did. Unmentioned were current outstanding issues impacting the taxation...

The ATO has issued a reminder to sole traders and partners in a partnership. If you take goods from your business for your private use, make sure you accurately record this in your stock on hand. Accessing your trading stock for private use is permissible from a tax perspective, however you need to account for the stock correctly: each...

You may be able to offset your business loss against other income (such as salary and wages) if you’re a sole trader or in a partnership. Firstly, however, your loss must not be non-commercial. A non-commercial business loss is a loss you incur, either as a sole trader or in partnership, from a business activity...

Fresh statistics released by the ATO reveal that the superannuation gender cap is very real. While the average super balance for a man is $161,834, for a woman it’s $129,506 – a massive 25% difference. This gender gap begins in peoples’ twenties, mostly caused by wage differences and time off for children, and by their...

Circumstances will sometimes get in the way of your ability to pay a personal or business tax debt on time. If this is the case, it is vital to go on the front foot and put a payment arrangement in place with the ATO. For larger business debts, this is now more important than ever...