Posted in Tax

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...

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 ...

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...

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...

An additional 15% Contributions Tax is payable on Concessional Super Contributions where the Division 293 Threshold has been exceeded.  This means instead of paying 15% Contributions Tax on your Concessional Super Contributions, you will pay 30%.

The current Division 293 Threshold is $250,000.

Included as "assessable income" in the Division 293 Threshold includes various types of income but the primary income types are your gross wages and the Concessional Super Contribution....