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As part of the Federal budget, the Government re-proposed the planned additional tax of 15% on earnings to apply to individuals with a total superannuation balance over $3 million at the end of a financial year from 1 July 2025. The definition of Total Superannuation Balance (TSB) for the new tax, includes the current definition PLUS amounts in retirement phase pensions. The calculation for the tax aims to capture growth… Read More »30% tax on super earnings above $3 million

From 1 July 2026, employers will be required to pay their employees’ super guarantee entitlements on the same day that they pay their salary and wages. Currently, at a minimum SG is paid quarterly. The Government will undertake a consultation process with the aim of providing details of the final design of the measure in the 2024-25 Federal Budget. Media Release: Introducing payday super The proposed change is a continuation… Read More »‘Payday’ Super – Increasing Payment Frequency of Employee Super

Small businesses, with an aggregated turnover of less than $10 million, will be able to immediately deduct the full cost of eligible depreciating assets costing less than $20,000 that are first used or installed ready for use between 1 July 2023 and 30 June 2024. “Immediately deductible” means a tax deduction for the asset can be claimed in the same income year that the asset was purchased and used (or… Read More »$20,000 Small Business Instant Asset Write-off

From 1 June 2023, there will be a significant increase in the Higher Education Loan Program (HELP) repayment indexation rate from 3.9% to 7.1% (See: Indexation rate table). The Australian Government adjusts the outstanding HELP debt in accordance with the inflation rate. This adjustment is known as indexation and, with inflation steadily rising, so too will your debt. For example, if you have a $20,000 HELP debt, this will increase… Read More »HELP Debt Indexation Increase to 7.1% | Can you clear your loan before 1 June 2023?

Scam emails and text messages and phone calls claiming to be from the ATO and MyGov are becoming increasingly common. These emails, text messages and phone calls are designed to trick individuals into sharing their personal information, such as their tax file number, bank account details, or credit card information. In this blog, we will explore how to identify these scams and what to do if you receive one.  How… Read More »ATO & MyGov Scams Becoming Increasingly Common

When you start up a business, inevitably, it consumes not just a lot of time but a lot of cash and much of this is money you have already paid tax on. So, it only seems fair that when the business is up and running the business can pay you back. Right? There is a myriad of ways owners look for payback from a company they have invested their time… Read More »Company money: A guide for owners

Just in time for the Fringe Benefits Tax (FBT) year that started on 1 April, the Australian Taxation Office (ATO) has released new details on electric vehicles. The FBT exemption for electric cars If your employer provides you with the use of a car that is classified as a zero or low emissions vehicle there is an FBT exemption that can potentially apply to the employer from 1 July 2022,… Read More »How Does Tax Apply to Electric Cars?

The Australian Government has implemented a Fringe Benefits Tax (FBT) exemption to encourage the uptake of electric vehicles and reduce carbon emissions. The exemption applies to private use of a zero or low-emission electric car first held and used after 1 July 2022. For most employees who salary package a vehicle with their employer or a business that provides vehicles to its staff, there is an adjustment for tax purposes… Read More »Exemption Encourages Electric Vehicle Uptake in Australia

This document has been prepared by Actuate Alliance Services Pty Ltd (ABN 40 083 233 925, AFSL 240959). The Government has announced that they intend to change to tax concessions on certain superannuation accounts if you have a total super balance of more than $3 million. While it is important to understand that this is just a proposal at this time, we understand that you may have some questions about… Read More »Government proposes higher taxes for super balances exceeding $3m

STP Phase 2 will require employers to report additional payroll information to the ATO, including superannuation contributions, salary sacrifice contributions, and total payments to employees. This information will be used by the ATO to pre-populate tax returns and improve the accuracy of data for employers and employees. Clients who are currently using online Payroll systems such as Xero Payroll will have until 31 March 2023 to make the transition to… Read More »Single Touch Payroll (STP) – Phase 2