Understanding Division 293 Tax: What High-Income Earners Need to Know
Division 293 tax is an additional tax on concessional superannuation contributions for high-income earners in Australia.
It is applied at a rate of 15% on certain super contributions when an individual’s combined income and concessional contributions exceed $250,000 in a financial year.
FBT Preparation (What You Need To Do Before 31 March)
As 31 March approaches, businesses need to prepare for their Fringe Benefits Tax (FBT) obligations to ensure compliance with the Australian Taxation Office (ATO).
The FBT year runs from 1 April to 31 March, and preparing ahead of time can help businesses avoid costly mistakes, reduce their FBT liability, and ensure all required records are in place.
LCT Compliance: How to Safeguard Your Business from Luxury Car Tax Errors
The Luxury Car Tax (LCT) is an Australian tax applied to vehicles exceeding specific value thresholds.
As of the 2024–25 financial year, LCT is levied at 33% on the GST-inclusive value of a car exceeding $80,567, or $91,387 for fuel-efficient vehicles with a combined fuel consumption not exceeding seven litres per 100 kilometres.
Improving Day-to-Day Business Operations in the New Year
The start of a new year is the perfect time for businesses to reflect on their daily operations and identify areas for improvement.
Small, consistent changes to how tasks are handled can have a significant impact on productivity, profitability, and employee satisfaction.
Checking in on Your Superannuation: Halfway Through the Financial Year
The halfway point of the financial year is an excellent time to take stock of your superannuation.
With six months of income and contributions already in place, you have enough data to assess your progress and make any necessary adjustments before the end of the financial year.
Your Tax Obligations to Check in January 2025
The beginning of a new year is an excellent time to revisit your financial obligations, particularly your taxes.
January sets the tone for the rest of the year, so ensuring your tax responsibilities are in order early can help you avoid stress and penalties down the line.