With cryptocurrencies gaining notoriety, many people are unclear on how or when they can be taxed. Despite widespread belief to the contrary, you can be taxed on gains made as a result of obtaining or using cryptocurrency. If you’ve made a profit from trading cryptocurrency, for example, you need to declare it at tax time. Here is some important information on cryptocurrencies and their implications for your taxes. How cryptocurrency… Read more
Here are some things to know about your income, deductions and home office expenses to help you make the most of your tax deductions. 1. Your income Generally speaking, your income is money you earn from your employer in salary or wages, or the income you earn as a self-employed person from your business. However, there are other items included in income that people often forget. When you file your… Read more
Treasurer Josh Frydenberg has released the 2021 Federal Budget and confirmed Australia’s economy is performing more strongly than was expected six months ago. This article has a summary of the “Winners and Losers” of the Budget and we’ve compiled a recap of the key points below. Get in touch with us if you have any questions. A Quick Overview This budget assumes our international borders won’t reopen until mid-2022. $1.9… Read more
SuperStream is the new way of making super contributions. Under SuperStream, employers must send super contributions electronically in a standard format, with linked data and payments. This system becomes mandatory for small employers (those with 19 or fewer employees) on 30 June 2016. Businesses with 20 or more employees should already be using SuperStream. So how do you make the change and ensure your system is running smoothly before the… Read more
From 1 July 2017, the government will lower the annual cap on concessional superannuation contributions to $25,000. Until this time, the existing concessional contributions caps, being $30,000 for those aged under age 50 years, and $35,000 for those aged 50 years and over, will apply. Read more
Did you know that you are required to keep your records for a minimum of 5 years, from the date your income tax return is lodged. For business entities under constitutional law it is 7 years. Read more
Year End Tax Update Here are a few tips and tricks to assist you prepare your 2014 individual tax returns Handisoft App Good news for anyone who hates paper – we now have an app that you can put on your phone to keep track of any paperwork for deductions you wish to claim. Simply go to your app store and search handisoft. The rest is pretty straight… Read more