New guidelines on home EV charging rate
New guidelines on home EV charging rate. Tracking the cost to charge an electric vehicle at home to determine your income tax deductions can be challenging. Fortunately, the Australian Taxation Office (ATO) has introduced new guidelines to simplify this process. This...
New additional 15% tax on Super Balance over $3 million
New additional 15% tax on Super Balance over $3 million. Starting 1 July 2025, the Australian government will introduce an extra 15% tax on superannuation balances exceeding $3 million. This move aims to limit tax benefits for those with high super balances. If your...
New rules for short term rental accommodation in WA
New rules for short term rental accommodation in WA. Western Australia is introducing new rules for short-term rental accommodation to ensure consistency and clarity across the sector. These changes will streamline the registration process and make it easier for...
How Will the Revised Stage 3 Tax Cuts Affect You in July 2024?
How Will the Revised Stage 3 Tax Cuts Affect You in July 2024?. Starting in July 2024, the revised Stage 3 tax cuts will impact many Australians. In recent years, Australians have faced a sharp increase in income tax, with an average increase of 8% in 2023. And if...
Understanding your trade income: The basics of Personal Services Income
Understanding your trade income: The basics of Personal Services Income. If you're in the trades industry, operating as an electrician, plumber, or in construction, it's important to understand how your income is classified for tax purposes. The money you earn from...
Understanding your status as an Australian resident for tax purposes
Understanding your status as an Australian resident for tax purposes. If you're planning on entering Australia or if you're an Australian resident who is planning to travel abroad, you might need to freshen up on the recent updates from the ATO around tax residency....
Understanding asset protection for your growing business
Asset protection for growing businesses and investments. If you're a business owner, understanding asset protection strategies is important for protecting both your personal and business assets. Managing a growing business can be busy, but it's important to have an...
How to withdraw money from your company using a division 7a loan agreement
How to withdraw money from your company using a division 7a loan agreement. Are you planning to use your business's funds for a personal purchase such as buying a luxury boat? It's crucial to manage personal purchases correctly to avoid steep tax implications under...
How to pay yourself bonuses and commissions as a company director
How to pay yourself bonuses and commissions as a company director. Paying bonuses and commissions effectively can ensure you reap benefits while staying compliant with the Income Tax Assessment Act. These types of payments are not only a direct reward for exceptional...