 |
#EveryoneNeedsaPlan: ATO Removes GST Discount on Investment Adviser Fees
Posted by Dean McKinnon
on 14 March 2024
From 1 July, 2024 Australian superannuation funds and investment platforms will not be eligible to claim some of the GST paid by investors for adviser fees
The fees you pay your adviser to help manage your investments are subject to GST
Generally, the GST paid on your adviser fees cannot be claimed back and therefore the cost of your adviser fee is increased by 10%
However, if you elect to have your adviser fees paid by way of deduction from a superannuation fund or investment ...
| Posted in:TaxSuperannuationInvestment | 0 Comments |
#EveryoneNeedsaPlan: Protect Your Identity with My Equifax Identity Watch Alerts
Posted by Dean McKinnon
on 7 March 2024
Increasingly, we have to face the challenges presented by living in the modern world where almost everything we do requires interaction with the 'online world', which is convenient but at the same time risky.
A major challenge faced by us all is protecting our identity
Cyber criminals are always searching for identifiers, such as name, date of birth, driver's licence numbers
The criminals then can use the stolen identity information to make transactions in the name of the per...
| Posted in:Legal | 0 Comments |
#EveryoneNeedsAPlan: Tax Debt Loan Interest Not Deductible From 1 July 2025
Posted by Dean McKinnon
on 29 February 2024
The federal government announced recently that they would introduce amendments to disallow tax deductions for interest incurred on tax debts
Both the General Interest charge and Shortfall Interest Charge will not be a tax-deductible expense for the taxpayer
The changes are proposed to commence from 1 July 2025 – i.e. 2026 FY
Currently, both Interest Charges are tax deductible to the taxpayer
...
| Posted in:Tax | 0 Comments |
#EveryoneNeedsAPlan: Director Penalty Notice for Employee Entitlements
Posted by Dean McKinnon
on 23 February 2024
The ATO has the ability to make company directors personally liable for company debts including employee entitlements such as superannuation
If your business is structured as a company and you are the director you will be personally liable for unpaid employee entitlements, including superannuation
The ATO may issue a Director Penalty Notice (DPN) for unpaid employee entitlements and if you as a director of your company receive one, then you need to take immediate action
Th...
| Posted in:Business PlanningTaxSuperannuationLegal | 0 Comments |
#EveryoneNeedsAPlan: Stage 3 Income Tax Rate Changes from 2025 FY
Posted by Dean McKinnon
on 16 February 2024
The federal government recently announced that they would propose changes to the legislated income tax rates, commencing in the 2024-2025 FY
The proposed tax rate (legislated by the previous government) was to commence 1 July 2024 and included abolishing the 37% Marginal Tax Rate, with a new 30% rate on taxable income between $45,000 and $200,000
The current government intends to not proceed with the legislated tax rates and introduce their own tax brackets including a...
| Posted in:Tax | 0 Comments |
