Investment expenses While expenses can be claimed for a wide array of income-producing assets, property is where most of the activity is centred. Investment-related expenses can include management fees for an investment, account-keeping fees, insurance, land tax, depreciation, maintenance expenses, and interest on borrowings used to purchase an income-producing asset. $41.7 billion in rental expenses were claimed in…
The pros and cons of using your super to save for your first home The First Home Super Saver Scheme (FHSS) enables first-home buyers to save for a deposit inside their superannuation account, attracting the tax incentives and some of the earnings benefits of super. Home savers can make voluntary concessional contributions (for example by salary…
The pros and cons of contributing proceeds from the sale of your home to super From 1 July 2018, if you are over 65, have held your home for 10 years or more and are looking to sell, you might be able to contribute some of the proceeds of the sale of your home to…
Single Touch Payroll: what employees need to know Single Touch Payroll (STP) – the direct reporting of salary and wages, PAYG withholding and superannuation contribution information to the ATO – comes into effect from 1 July 2018. For employees While the Government and ATO are promoting STP as a way to improve the efficiency of payroll processes…
Single Touch Payroll: what employers need to know Single Touch Payroll (STP) – the direct reporting of salary and wages, PAYG withholding and superannuation contribution information to the ATO – comes into effect from 1 July 2018. For employers Employers with 20 or more employees at 1 April 2018 must use standard business reporting-enabled software from 1…
The other business influencer that can make or break you Did a Kardashian really just wipe USD$1.3bn off the share price of Snapchat? A tweet from Kylie Jenner saying “sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad” is being credited as the catalyst for an…
Big changes for developers and purchasers If a Bill currently before Parliament passes, from 1 July 2018, purchasers of new residential premises or new residential subdivisions will need to remit the GST on the purchase price directly to the ATO as part of the settlement process. This is a significant change from how GST is…
Salary sacrifice or employee contribution? One issue that frequently causes confusion is the difference between the employee salary sacrificing in order to receive a fringe benefit and making an employee contribution towards the value of that fringe benefit. Salary sacrificing for a fringe benefit To be an effective salary sacrifice arrangement (SSA), the agreement must…
Living away from home allowances Living Away From Home Allowances (LAFHA) continue to cause confusion for both employers and employees. A LAFHA is an allowance paid to an employee by their employer to compensate for additional expenses they incur, and any disadvantages suffered because the employee’s job requires them to live away from their normal…
Car parking We all know how expensive commercial car parking can be. The ATO has noticed that where car parking benefits are being declared (that is, where an employer provides parking to an employee), the value of what is being declared is significantly less than what you would expect to pay. Common errors include: Market…