How much tax you pay on your super contributions and withdrawals depends on a variety of factors. The process takes into account your total super amount, your age, and the type of contribution or withdrawal you make. How are super […]
Businesses receive four different types of concessions on top of CGT exemptions and rollovers which are available to everyone. These allow businesses to disregard or defer some or all of the capital gains from an active asset which is used […]
There are different types of deductions that individuals can claim to reduce their taxable income. Work-related expenses In order to claim work-related tax deductions, the expenses must have to meet three criteria. Firstly, all the expenses have to be paid […]
Investment income needs to be included when conducting tax returns. This includes any income acquired through interest, dividends, rent, managed funds distributions, and capital gains. The income yielded from investments is taxed at a marginal tax rate. Individuals are able […]
Pay as you go (PAYG) instalments are payments you can make throughout the year to avoid accumulating a large tax bill to pay at the end of the year. Making these payments is a great way to budget for income […]
The Federal Budget for 2020 announced personal and business tax relief through various tax cuts. The legislation was approved by parliament meaning that individuals and businesses will be paying less tax, and have more money to invest and spend into […]
What are fringe benefits? Employees may opt to make an agreement with their employers that provides them with fringe benefit ‘payments’ in a form other than salary or wages. There are various types of fringe benefits: Employees being able to […]
Job losses have been extensive during the COVID-19 pandemic and the JobMaker Hiring Credit will give businesses incentives to take on additional employees aged between 16 and 35 years old. Eligible employers will receive $200 a week for each new […]
The government recognises that despite support to get through the COVID-19 outbreak, not all businesses are going to remain viable. Many small businesses will have significantly increased levels of debt in order to remain in business during the COVID-19 pandemic. […]
The Budget highlights the government’s commitment to getting people back in jobs and upskilling Australians. The JobTrainer Fund which falls under the JobMaker Plan will support up to 340,700 free or low-fee training places in areas needed to help upskill […]