Making Sure Your Deductions Don't Get Personal
It can be easy to overlook your personal use of business assets when it comes to completing your business and self managed super fund tax returns but be warned, the ATO is taking an interest in this area.
The ATO’s Small Business Random Enquiry Program found around 16 per cent of small businesses were either carelessly or deliberately overclaiming expenses in their tax returns.
If business assets are used for a mix of business and pr...
Pre-Election Australian Federal Budget 2022-23
The Treasurer, Josh Frydenberg, has handed down Australia’s pre-election Federal Budget for 2022-23, his 4th Budget. The Budget pushes cash hand-outs into the wallets of Australians through temporary measures such as one-off payments and petrol excise cuts. With many measures tailing off in July-September 2022, it is clearly geared as an Election Budget, with the nation waiting for the Election date to be called. Here is our br...
Counting Down to 30 June
It has been a year of change like no other and that extends to tax and superannuation. As the end of the financial year approaches, now is a good time to check some new and not so new ways to reduce tax and boost your savings.
So gather up any paperwork you need to prepare your personal tax return. This may include bank and superannuation statements, records related to share or property investments, receipts for charitable donations and work-related expenses. Wi...
Building a bridge to recovery
In what has been billed as one of the most important budgets since the Great Depression, and the first since the onset of the COVID-19 pandemic dragged Australia into its first recession in almost 30 years, Treasurer Josh Frydenberg said the next phase of the journey is to secure Australia's future.
As expected, the focus is on job creation, tax cuts and targeted spending to get the economy over the COVID-19 hump.
The Treasurer said this Budget, which...
12 February 2020
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The Hunt for Dividend Income in 2020
With interest rates at historic lows and likely to stay that way for some time, retirees and other investors who depend on income from their investments are on the lookout for a decent yield.
Income from all the usual sources, such as term deposits and other fixed interest investments, have slowed to trickle. Which is why many investors are turning to Australian shares for their reliable dividend income and relatively high dividend yields.
The aver...