News/Media Announcements: April 2024
Tax Unplugged – March 2024
a. Tax Cuts.
Yes please! As from 1 July 2024, the new tax rates commence as follows:
2023 Income Range
Old 2023 Rate
2024 Income Range
New 2024 Rate
From
To
From
To
0
$18,200
nil
0
$18,200
nil
$18,201
$45,000
19 …
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New “30% Tax” on super? New strategies may arise.
The media has called the forthcoming (but still not finalised) tax on super balances over $3 million as a 30% tax. In fact, it is two taxes of 15% that work differently.
For those 85,000 or so taxpayers who are fortunate enough to have their …
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The best tax break in years? Just maybe!
Fringe Benefits Tax squashed the excesses of the 1980s.
Business owners once buried the costs of their big lunches, expense accounts, holidays, and private motor vehicle costs into the costs of their business. Those expenses were all pre-tax …
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Tax tips from Andrea
Awesome Tax Deduction disappears in just 3 months.
We forget that one of the great Covid initiatives was ability to write off 100% of all depreciable capital equipment acquired during the financial year. All in one hit.
Furthermore, if that …
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Late Super Payments
This is not a new topic but unfortunately many business owners do not seem to be aware of the serious implications regarding late payments of super.
The rules are tough… and the penalties are way out of proportion.
We had a call from a …
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Maximising Employee (and Director) Working from Home Expenses Claims
The ATO simplifies the rules (a bit).
For the past few months, our cities and office towers have been almost empty. People are working from home.
Even as we contemplate a future return to work, there is a realisation that work habits, social …
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Tax Deductible Meals for hard working business owners
We thought that you might like to know…
Yes, it is possible to have any meal that you provide for you (and any of your employees) to be:
Fully tax deductible,
GST claimable, and best of all
FBT does not apply.
There are a …
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