Posted in Tax

Super Changes You Should Know About (Without the Jargon) Recent government changes to Australia’s superannuation system are designed to make things “fairer”—but what does that actually mean for you? Let’s break it down in simple terms. 1. Higher Taxes on Very Large Super Balances One of the biggest changes targets people with very high super balances (over $3 million). From 1 July 2026: Earnings on super balances above $3 million will be taxed more hea...

From 1 July 2024 until 30 June 2025 the maximum claimable depreciation for motor vehicles has increased to $69,674 The limit for the 2024 FY was $68,108 If your vehicle purchase price is higher than the limit, the initial depreciation calculation is based on the purchase price or the limit, whichever is lower If the buyer of a vehicle is registered for GST then the limit excludes GST - if not, then the limit includes GST The personal use portion of the asset cannot be included in the de...

If you are an investor, it is advisable to prepare well in advance for the completion and lodgement of your Tax Return. The ATO has sophisticated data-matching capabilities with a broad scope Data relating to investment properties, shares, crypto assets, etc., are now available to the ATO The ATO will likely know if you have received income or made gains on the sale of an investment asset The ATO will “pre-fill” the Tax Return and automatically include details they have...

Generally, each year the ATO provide a list of the key areas they will be focusing on when assessing income and expenses included in an individual's Tax Return. Claimed Work Expenses - the ATO will be looking at: If the claimed expenses were incurred by the taxpayer or reimbursed by the employer If the expense is directly related to the earning of the taxpayers income If a receipt for the expense is available Rental Property Expenses - specifically, if the expense cl...

The end of the 2024 Financial Year is fast approaching and if you want to make contributions to your super, you need to make sure you have a strategy, and the contributions are finalised prior to 30 June 2024. There are restrictions related to superannuation contributions. Exceeding superannuation contribution limits may have significant tax implications. In addition to your Employer SG Contributions, you may be eligible for contributing personally to your superannuation and boost your r...