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Individuals

Contribution Strategies prior to 30 June 2023

Trust Income Distributions 30 June 2023 is approaching fast! If you conduct your business or investments through a discretionary trust, you must make sure that you have a signed income distribution resolution for your trust prior to the stroke of midnight on 30 June. If you don’t, the resolution is ineffective for tax purposes with…

Changes to working from home deductions 2022-23

Today we wanted to touch base on the Working From Home deductions you can claim on your tax return, as there have been some changes for the 2022-23 income year from 1 March 2023. There are two methods available to calculate working from home deductions – Fixed Rate & Actual Cost. While the…

Working from home business expenses including setting up your home office

Claiming “Working from Home” Expenses at Tax Time (2021-22)

Lately, we have been asked many questions relating to COVID-19 and how it will impact claimable deductions in the 2021-2022 Tax Year. The reality is that there are going to be some significant changes. Especially given many of you have incurred additional working from home expenses, that you wouldn’t typically experience in your normal working…

Construction Sector Restrictions – COVID-19

This week, the government have released new restriction changes for the construction industry due to a spike in COVID-19 cases detected at work sites. These new restrictions are in place to allow workers to continue working safely. Key information you need to know: All construction sector employees to have had at least their first COVID-19 vaccination…

New Grant: Small Business COVID Hardship Fund

This week, the Victorian Government have released a new Grant for small and medium businesses called the Small Business COVID Hardship Fund. If your business has been majorly impacted by COVID-19 and has had at least a 70% reduction in turnover as a result of COVID-19, you may be eligible to apply for this grant!…

Are you eligible for the temporary COVID disaster payment?

Hi everyone, Today we would like to chat to you about the recent announcement from the Australian Government regarding a temporary COVID disaster payment. This is a one off payment aimed at workers that are undergoing lockdown for more than seven days and reside or work in an area defined as a Commonwealth-determined hotspot Click…

The 2021 Federal Budget Changes & What It Means for You

Hey guys, We hope you’ve had a great week so far. Today we would like to chat to you about the 2021 Federal Budget, and what it means for you. To help create jobs, business investment and confidence after COVID-19, the Federal Government has just released a big spending 2021-22 Federal Budget! Based on our…

Claiming “Working from Home” Expenses at Tax Time (2020-21)

Lately, we have been asked many questions relating to COVID-19 and how it will impact claimable deductions in the 2020-2021 Tax Year. The reality is that there are going to be some significant changes. Especially given many of you have incurred additional working from home expenses, that you wouldn’t typically experience in your normal working…

Your 2019/20 Income Tax Return – May Deadline Approaching

Hey Everyone! We hope that you and your family are staying safe and well. Today, we wanted to share a reminder that all 2019/2020 Individual Tax Returns are due to be submitted & lodged by the 15th of May, 2021. If you are late lodging your tax return, the ATO can impose penalties and…

No, you don’t need to lodge your tax by Oct 31

Hey Everyone, Recently, we’ve been receiving a lot of calls from clients worried and stressed, thinking that they must lodge their tax by the end of this month; the 31st of October. We wanted to send out a notification to reassure you that this isn’t the case. The Oct 31st deadline is only for those…