Super Due Dates. As an employer, you have specific responsibilities to fulfill regarding superannuation contributions for eligible employees, who are essentially those classified as employees under superannuation regulations. One such responsibility is supplying your...
Understanding how to withdraw super. What is superannuation?Superannuation, commonly referred to as 'super,' is a long-term investment designed to provide financial stability during your retirement years. It functions by pooling funds into a super account, which is...
Navigating the Shift from Temporary Full Expensing to Instant Asset Write-Off for the 2024 Financial Year. The impending expiration of the Temporary Full Expensing (TFE) at the close of the 2023 financial year means that businesses will revert to the Instant Asset...
Understanding Capital Gains Tax on Inherited Property in Australia. If you are an individual beneficiary or a Legal Personal Representative (LPR) who has inherited Australian residential property from a deceased estate, you may be eligible for comprehensive or partial...
Guide to Claiming Fuel Tax Credit for Your Business. Claiming Fuel Tax Credits is an opportunity for businesses who have bought fuel, such as petrol, diesel, or other eligible fuels, for business activities. The tax credit, determined in cents per litre, can be...
Why You Need an SMSF Accountant for Effective Fund Management. Managing a Self Managed Super Fund (SMSF) offers unparalleled control over your investments, but it comes with complex compliance and taxation obligations. With stringent requirements set by the Australian...
What is a Notice of Assessment?. What is an Income Tax Return?The Australian Taxation Office requires all persons, both residents and non-residents, to file their income tax returns. The tax return summarises your income and claimable expenses during the financial...
Making Sense of the Tax Free Threshold: Clarity for Taxpayers. The tax-free threshold is the amount of income you can earn each year without paying income tax. For most Australian residents, this threshold is set at $18,200. This means that if your total income for...
Understanding the New Tax on Super Over 3 Million. Starting from 1 July 2025 the new tax on super over 3 million will be subjected to a 30% tax rate, meaning any surplus earnings will generally be liable to an overall tax rate of 30%. Income linked to Total...
