Posted by G. Dean McKinnon
on 30 March 2022
Unfortunately, this was not a very exciting federal budget .... boring .... yawn-fest. There are only a few key individual measures worth noting (all the rest is pretty much inconsequential to the majority of us):
Low and Middle Income Tax Offset will increase by $420 in this current 2022 FY
One-off $250 payment for Social Security payment recipients – including pensioners
Single Paid Parental Leave scheme of up to 20 weeks paid leave
Home Guarantee Scheme increase to 50,000 ...
Posted by G. Dean McKinnon
on 29 March 2022
For anyone that has a Higher Education Loan Program (HELP) debt it is important to understand the HELP Repayment Incomes and Rates for the 2023 FY to effectively budget for any repayments that fall due.
The minimum repayment percentage is based on the persons gross income. The higher the gross income, the higher the repayment percentage.
The person needs to be earning more than $48,361 in the 2023 FY before repayments are required. The repayment percentage minimum 1.0% and the m...
Posted by G. Dean McKinnon
on 28 March 2022
If you are running a business, and are entitled to claim GST paid on goods and services received by your business, you need to ensure any Invoice for payment is compliant with ATO guidelines or the GST will not be claimable.
If you are registered for GST then the Invoice received must be called a 'Tax Invoice', providing your supplier is registered for GST. If your supplier is not registered for GST, their Invoice must not include the words 'Tax Invoice', and you ...
Posted by G. Dean McKinnon
on 24 March 2022
As most businesses transform their recordkeeping from paper-based to digital, it is sometimes difficult to understand what the legal requirements are for recordkeeping.
Luckily, the ATO have kindly provided guidance as to what they require in terms of digital record keeping. What the ATO will accept and ensure that you are complying with their requirements. It is important to understand your requirements so that in the event the ATO need you to prove tax deductions, you will...
Posted by G. Dean McKinnon
on 23 March 2022
The federal government provides up to $27,500 tax deduction for contributions made to your super each year, but this also includes your employer-sponsored superannuation contributions which is about 10% of your gross income.
To ensure you maximise your tax-deductible contribution for the 2022 FY make sure that the contribution is completed and cleared funds are in the superannuation account before 30 June, 2022. It is recommended that the contributions being made are completed and paid...