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SMSF 2021: What changes you need to know

As a Trustee / Director of a Trustee Company for your Self Managed Superannuation Fund (SMSF), there are changes in opportunities and risk areas you need to consider each year. So to keep you up to date with everything affecting your SMSF, we've outlined a brief...

6 things to do before renting out your home

Are you thinking about moving to a new house but want to hold onto your current property? Turning it into an investment for the short or long-term can be a good option while increasing your cash flow. Here are six things you need to do before...

What is the Black Economy?

The black economy is a complex, multi-faceted phenomenon operating across Australia’s workplace relations, financial, welfare, procurement and migration systems. What is the black economy? The black economy refers to dishonest and criminal activities that take place outside the tax and regulatory systems, or people who are known...

Year-end tax tips

The end of the financial year is around the corner, so we have put together a list of tax tips for you: Reduce your tax bill If you are a sole trader or a partner in a partnership, or your business is carried on through a trust...

FBT: Do you provide car parking for employees?

If you provide car parking for your employees, you may have to pay fringe benefits tax (FBT) on those benefits. A car parking fringe benefit will generally arise if an employer provides car parking to an employee and various conditions are satisfied, including: The car is...

Small business tax time

It is almost the end of the current tax year (2020–21) and the start of a new one (2021–22). It may not be long before you start thinking about lodging your 2020–21 tax return. If you anticipate a tax refund, the quicker you lodge the return...

Tax depreciation incentives to help businesses recover

In 2020, the Government introduced tax depreciation incentives to help businesses recover from the impact of the COVID-19 pandemic. To help eligible business entities understand which tax depreciation incentives are available, the ATO published a useful snapshot to explain the depreciation incentives that may apply and...

What the 2021 Federal Budget Means for Businesses

This article outlines the specific Budget measures that will directly benefit business owners. Temporary full expensing extended The temporary full expensing incentive will be extended for 12 months until 30 June 2023. Temporary full expensing allows businesses with an annual aggregated turnover under $5 billion to deduct...

What the 2021 Federal Budget Means for Individuals

This article outlines the specific Budget measures that will directly benefit individuals. Tax and superannuation highlights Low and middle income offset retained (again) As widely predicted, the low and middle income tax offset (LMITO) will be retained for 2021-22, thus avoiding an effective tax increase for many taxpayers....