Our Accounting & Tax Services

Tax and Super October 2023 Newsletter

In this month's edition of the Client Newsletter, we are pleased to present a curated selection of articles that address some of the most pressing financial concerns and opportunities facing individuals and businesses today. From the intricacies of superannuation contributions to the nuances of capital gains tax, this issue aims to provide you with a comprehensive understanding of topics that are often considered complex but are essential for financial well-being and strategic planning. For individuals, especially those nearing retirement or contemplating significant life changes, understanding the rules surrounding deductible contributions to superannuation funds is of paramount importance. The age-based rules and the work test are not just statutory requirements but pivotal elements that could substantially affect your retirement savings and tax liabilities. Small business owners will find the section on Capital Gains Tax (CGT) Roll-over Concessions particularly enlightening. In an economic landscape where asset management and tax planning are integral to business sustainability, knowing how to strategically defer capital gains tax can offer a competitive edge. Additionally, the Small Business Skills and Training Boost article is timely, given the ever-changing market dynamics and the increasing importance of employee development. With a focus on tax deductions, this article aims to guide businesses on how to make the most of government incentives aimed at skills enhancement. The issue also delves into retirement concessions related to capital gains, offering insights into how strategic financial planning can lead to significant tax benefits. If you are over 55 and considering liquidating assets or looking to channel gains into your super fund, this section provides valuable guidance. Lastly, for those involved in property development, a recent Federal Court decision has set a precedent that could influence your tax deductions. Understanding these legal nuances is crucial for effective financial planning and compliance. ..

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Tax and Super March 2023 Newsletter

The ATO has finalised its new compliance guidance around the requirements for work-from-home deductions. The fixed rate method has now been revised. The revised method increases the claim from 52 cents to 67 cents per-hour. However, this rate now includes internet, phone, stationery and computer consumables. The record-keeping requirements under the revised fix rate method are now more onerous, also. You now need to keep a record of actual hours worked from home. The ATO will no longer accept estimates, or a four-week representative diary. This requirement is effective immediately (1 March). ..

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Tax and Super February 2023 Newsletter

The ATO has released its final guidance material on trust distributions which may particularly impact those who operate a family trust. To recap, in February 2022 the ATO updated its guidance around trust distributions made to adult children, corporate beneficiaries and entities that are carrying losses. Depending on the structure of these arrangements, potentially the ATO may take an unfavourable view on what were previously understood to be legitimate distribution arrangements. The ATO is chiefly targeting arrangements under section 100A of the Tax Act, specifically where trust distributions are made to a low tax-rate beneficiary but the real benefit of the distribution is transferred or paid to another beneficiary usually with a higher tax rate...

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