Affordable childcare measures coming soon
Parents could soon be paying less for childcare if the affordable early childhood measures introduced by the government passes Parliament. To fulfil its election promise, the government has recently introduced a Bill to make early childhood education and childcare...
Pension changes to encourage workforce participation
Changes to allow pensioners to work for longer and earn more money without loser their pension and other social security benefits have been introduced. As a result of the government’s recent Jobs Summit and responding to pressure from employer and agricultural lobby...
Market valuation for tax purposes
The ATO has released an updated version of its online Guide - Market valuation for tax purposes. The purpose of the Guide is to assist taxpayers in understanding the ATO’s general expectations on market valuation for tax purposes. It includes information on what...
Financial adviser standards to be relaxed?
In response to “industry concerns”, the government is seeking to relax some aspects of financial adviser standards for existing and new entrants. As a part of its election promises based on industry “concerns”, Labor announced that, if elected, it would make changes...
Varying PAYG instalments
Did you know you can vary your pay-as-you-go (PAYG) instalments due to a change in your financial situation? Should you be varying your PAYG instalments? Pay-as-you-go (PAYG) instalments are prepayments of your expected income tax for the year. If your total PAYG...
Sale of principal home: extension of assets test exemption
To encourage downsizing, a new Bill has been introduced to extend the existing assets test exemption under social security and change the rate of deeming of proceeds of sale. In a bid to support pensioners and in conjunction with the announcement to reduce the...
Bonus deduction for employee training proposal
The government has proposed to give small businesses a temporary 20% bonus tax deduction for employee training expenditure. As a part of its strategy to address the current skills shortage as well as to future-proof Australia’s workforce by building better trained and...
Rental properties – borrowing expenses
If you earn income from an investment property, you may be entitled to a deduction for expenses directly incurred in taking out a loan for the property. Have you considered what this means for you and your investment property? Let's start at the beginning and explain...
ASIC focus on super complaints handling
ASIC’s recent surveillance of superannuation trustees found some significant issues with complaints handling. The Australian Securities and Investments Commission (ASIC) is the body responsible for overseeing the operation of Australia’s financial services dispute...
Individual residency: upcoming changes
The ATO is expected to issue a draft ruling soon which clarifies the residency test for individuals. Changes to clarify the residency tests for individuals are expected to be released in September 2022. This will be in the form of a Draft Ruling by the ATO that will...