Do you have “Lost Super”?

Do you have “Lost Super”?

As at July 1st, 2019 the Australian Government changed the laws regarding  superannuation funds.If you have any superannuation funds that meet the following criteria, the balance will have been sent to the Australian Taxation Office (ATO):no contributions have been...
New Tax Brackets – What does this mean for you?

New Tax Brackets – What does this mean for you?

The tax brackets have changed for the 2020-2021 financial year.Changes include an increase to the upper income threshold:19% income tax bracket: From $37,000 to $45,0005% income tax bracket: From $90,000 to $120,000These changes became effective from July 1 2020.So,...
Claiming Super Contributions at Tax Time

Claiming Super Contributions at Tax Time

Over the last couple of years individuals have been able to claim super contributions as a tax deduction. In order to be able to do this, a number of factors are involved:Your super contributions must be made with your after-tax income.This is because you have already...
Home Office Expenses & Covid-19

Home Office Expenses & Covid-19

Due to COVID-19, the ATO have implemented different Home Office deductions from March 2020 to June 2020. These deductions are calculated 1 of 3 ways.Shortcut method. 80c per hour worked from home.This is to cover ALL expenses, including: Phone expenses, internet...
Associate Lease

Associate Lease

Salary packaging is a legitimate way to bring money around the tax man, reducing the amount of tax you pay on certain items such as rent, mortgage, novated and associate leases. An associate lease is a fantastic option if you already own a car and want to reduce the...