03/05/2019: Can my business claim the R&D incentive for software projects?

Is your company planning to develop software as part of an experimental R&D project? You may qualify for the R&D tax incentive, even if you’re not a software developer but operate in a technology-focused industry such as manufacturing. However, the activities you claim for must genuinely meet the relevant tests – and the ATO says […]

26/04/2019: Budget 2019: Superannuation measures for over-60s

Although the Coalition did not announce any major reforms to superannuation in this year’s federal Budget, it did pledge to help Australians aged over 60 save for retirement by extending the age limits for a number of existing contributions measures. A returned Coalition government would give retirees an extra two years to make contributions without […]

What work-related car expenses can employees claim?

(26/04/2019) Car expense claims are one of the most popular deductions claimed by individuals at tax time each year, but the ATO says not everyone gets it right. Make sure you know the basic rules for when and how you can make a claim. These rules apply to a car you own or lease that […]

Compulsory super: How can you speed up your retirement savings?

(18/04/2019) The compulsory superannuation guarantee (SG) rate – currently 9.5% – is set to increase over the next few years. But if you’re an employee, will relying on compulsory employer contributions be enough to meet your retirement goals? There are many steps that workers can take to boost their retirement savings. SG contributions are the […]

Budget 2019: What personal tax cuts are on offer?

(12/04/2019) This year’s federal Budget saw the major parties go head-to-head to ease the cost of living for low and middle-income earners. However, long-term tax policy is a major point of difference, with the Coalition’s plan to flatten tax rates and provide “incentives for working Australians” branded a “ticking debt bomb” by the opposition. Here, […]

Top three SMSF contraventions: Is your fund at risk?

(12/04/2019) SMSFs can be a great investment vehicle for those prepared to get the compliance side of things right. The ATO takes SMSF regulation seriously and has now revealed the top three contraventions it sees among SMSFs. This is a helpful insight into the areas that are frequently tripping up SMSF trustees. The ATO says […]

Budget 2019: Key measures for small and medium businesses

(18/04/2019) Is your business planning to purchase new assets? Perhaps new tools, a vehicle or computer upgrade? If so, you may be able to take advantage of the Coalition’s expanded “instant asset write-off” incentive or other key measures in this year’s federal Budget. This write-off is a tax relief measure running until 30 June 2020 […]

Getting your personal super deductions right

(05/04/2019) Recent changes to the law mean many more Australians can now claim deductions for their personal superannuation contributions. But while the eligibility requirements have been lowered, the process for claiming deductions is not straightforward. Do you know what steps to take and what to look out for? Provided you are eligible, superannuation contributions you […]

Federal Budget 2019 Spotlight

(05/04/2019) The 2019 Budget was handed down on Tuesday 2 April by Treasurer Josh Frydenberg a matter of days before Prime Minister Scott Morrison is due to call the next federal election. Thanks to revenue from the lucky rise in commodity prices (coal and iron ore) – and without raising taxes – the Government has […]

Increased super thresholds for 2019-20

(15/03/2019) Certain superannuation thresholds are set for a small boost from 1 July 2019 thanks to the latest indexation factors published by the Bureau of Statistics. While the concessional and non-concessional contribution caps are unchanged, the capital gains tax (CGT) cap amount and the employment termination payment (ETP) cap will both increase. This is welcome […]