Fair Work Changes
Although not related to tax, there are a number of changes on the Fair Work front that employers should be aware of: Minimum Wage Increase The National Minimum Wage applies to employees who aren’t covered by an award or registered…
Macy
Newsletter – June 2023
Click here for a PDF version of this article. ATO Tax Time Focus Areas With the end of the financial year on our doorstep, the ATO has announced its three key focus areas for 2022-23 Tax Time – rental property…
What Are The Types Of Super Funds You Can Contribute To?
With the total superannuation sector worth more than $3.5 trillion at the end of March 2023, superannuation is serious business. There are many types of superannuation funds available but sometimes having too many to choose from can be confusing. However,…
Super Pensions And The Commonwealth Seniors Health Card
Are you a self-funded retiree who does not qualify for the Age Pension? If you’ve answered yes, then help may be available for certain living expenses by way of the Commonwealth Seniors Health Card (CSHC). What is the CSHC? The…
Can You Contribute To Your Child’s Super Account?
Are you a parent or grandparent wondering whether you can contribute to your child or grandchild’s superannuation account to give them a financial head start? The answer is it is possible, however, there are a few issues to consider before…
Maximising Cashflow
The predicted slowing of the economy in 2023-24 along with the pay day super guarantee (SG) proposal are sure to make cashflow more important than ever for business over the coming months and years, noting that it is one of…
Do You Have A Side-Hustle?
With the cost-of-living skyrocketing, have you taken up a side-hustle? With new and emerging ways to make money, the ATO is reminding taxpayers to consider if they are ‘in business’ and to declare to their tax agent if they are…
Director Penalty Notices
If your company is falling behind with payment of certain taxes, directors may be held personally liable. To recap, there are a number of advantages in operating a business through a company structure. Chief among them is asset protection. Because…
ATO Tax Time Focus Areas
With the end of the financial year on our doorstep, the ATO has announced its three key focus areas for 2022-23 Tax Time – rental property deductions, work-related expenses, and capital gains tax (CGT). To maximise your claims in this…
Generous Depreciation In Its Final Days
This month’s federal budget confirmed that temporary full expensing (TFE) is now in its final days. To recap, TFE will cease and be replaced by a $20,000 instant asset write-off (IAWO) from 1 July 2023. Under this change, small businesses…