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September 2023 – Practice Update

ATO reminders for taxpayers As taxpayers prepare to lodge, the ATO reminds taxpayers that they should keep the following in mind: Include all income: If a taxpayer picked up some extra work, e.g., through online activities, the sharing economy, interest from investments, etc, they will need to include this in their tax return; Assess circumstances...

August 2023 – Practice Update

Changes to deductions this tax time Taxpayers who are small business owners operating from home, or who use a vehicle for business purposes, need to be aware of some changes when claiming deductions this tax time, including the following. Cents-per-kilometre method – The cents-per-kilometre method for claiming car expenses increased from 72 cents to 78...

What Is The Retirement Age In Australia?

When will you be ready to retire? There are two important ages you need to consider when thinking about retirement – preservation age when you are eligible to start drawing on your super and Age Pension age when you are eligible to receive the Age Pension. Age Pension age This is the age you qualify...

June 2023 – Practice Update

In the ATO’s sights this Tax Time The ATO has announced its three key focus areas for this Tax Time: rental property deductions; work-related expenses; and capital gains tax. ATO Assistant Commissioner Tim Loh said the ATO is continuing to prioritise areas where they often see mistakes being made: “Within these areas, we have identified...

2023 – 2024 Federal Budget – What it means for you

Key points The budget this year is expected to return to a surplus of $4b thanks to a continuing revenue Key measures include cost of living support, more spending on aged care and a move to slow NDIS Implications for inflation and hence the RBA are Despite savings measures structural budget deficits remain in the...

April 2023 – Practice Update

Start thinking about your FBT obligations The 2023 FBT year ended on 31 March, so it is now time for employers to get ready to lodge their 2023 FBT returns, where they have provided benefits to their employees (or their associates) between 1 April 2022 and 31 March 2023. If you have provided fringe benefits...

US banks, inflation, interest rates and recession risk – what it means for investors

Key points US regional bank failures have added to uncertainty about the investment outlook flowing from inflation and rate hikes. Specific issues with the failed banks and action to protect depositors may limit broader problems for US banks. The wider risks are high and its normal for problems like this after rapid rate hikes. Given...

January – February2022 – Practice Update

Electric vehicle FBT exemption legislation is now law Legislation to make certain electric vehicles exempt from Fringe Benefits Tax (‘FBT’) has now been enacted into law. Certain zero or low emissions vehicles provided as a car benefit on or after 1 July 2022, can be exempt from FBT. For this exemption to apply various criteria...

The RBA hikes rates by another 0.25% – are we there yet?

Key Points The RBA hiked again by 25% taking the cash rate to 3.35%. It continues to expect to increase interest rates further. We remain of the view the cash rate is near the top as: rate hikes impact with a lag; inflationary pressures are easing globally and showing signs of easing here too; the...

How to deal with rising inflation

Between March 2021-22, inflation in Australia rose by 5.1%. Meanwhile, wages only rose by 2.4%1. With the bare essentials becoming – well, expensive, it’s not surprising that many people are looking for new ways to save money or increase their income. The good news is there are steps you can take—and actions to avoid—that can...

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