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Are you nearing retirement or just want to put a little extra away for the future without putting a strain on your household budget? Contributing to superannuation might be your best bet. There are two main ways to boost your super balance, salary sacrificing super (if your employer has made that option available) and personal super contributions.
Read MoreTax time has come around for another year, and this year the ATO is focusing on “other” work-related expense deductions and work-related car expenses. It says taxpayer must remember that they are not automatically entitled to claim standard deductions and that all expenses need to be substantiated. Taxpayers need to be able to show that they spent the money themselves and were not reimbursed, the expense was directly related to earning their income, and they have a record to prove it.
Read MoreUS President Donald Trump said he would withdraw the US from an Obama-era nuclear agreement with Iran, and restore economic sanctions, in a move that hurt investor sentiment. Mid-month, North Korea abruptly cut off talks with South Korea, citing military exercises between the United States and South Korea, and threatened to cancel the planned North Korea–US summit. President Trump promptly cancelled the summit, set for Singapore in June, but after a surprisingly conciliatory statement from North Korea, the summit was reinstated.
Read MoreSmall businesses may be eligible for a range of tax benefits. CPA Australia has put together the following tax tips to help small businesses.
Read MoreThe end of the financial year is a good time to think about how you could grow your super and get started with saving for retirement. Here are some options you could consider to help your super work harder for you.
Read MoreApril began with markets under pressure from China’s tit-for-tat response to US President Donald Trump’s announcement of tariffs and a tepid US jobs report for March, but ended strongly, particularly in Europe and Asia.
Read MoreThe Government announced in December 2014 that it would introduce Single Touch Payroll (‘STP’).
The new reporting rules essentially require, from 1 July 2018, ‘real time’ reporting of salary and wages, PAYG withholding and superannuation information to the ATO by ‘substantial employers’ (i.e., those with 20 or more employees) directly from their payroll software, giving the ATO almost instant access to key tax-related information.
Read MoreWith the ATO’s compliance targeting of large businesses in the past few years reaping rewards, this tax time, its turning its attention to small businesses. As a small business owner, what do you need to be aware of to stay out of the ATO spotlight?
Read MoreThere are rules that govern when super can be accessed, and usually access can only be obtained at retirement or in exceptional circumstances (compassionate grounds, severe financial hardship, terminal medical condition, and temporary or permanent incapacity).
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