As we approach the end of the financial year, it’s a great time to review your superannuation strategy – especially if you haven’t used up your concessional (pre-tax) contribution caps in recent years.
Thanks to the ATO’s carry-forward contributions rule, you may be able to boost your super and gain a tax advantage by topping up before 30 June.
As the end of the financial year (EOFY) approaches, it’s time to get your business records in order and ensure everything is ready for tax time.
EOFY can feel overwhelming, but with a bit of preparation and guidance, you can wrap things up smoothly and even find opportunities to strengthen your financial position for the year ahead.
Natural disasters can cause significant damage to rental properties and business premises, leading to costly repairs and financial uncertainty.
If you own a rental property or business premises that has been impacted, it’s important to understand what expenses you can claim and any income you need to declare during the recovery process.
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.
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.
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.