Federal Budget 2021: What it means for you

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 – Are You Ready

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

Concessional Contributions Cap Reduction Coming in 2017

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

Record Retention

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 Update – Individual Tax Returns

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

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