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Everyone knows you don’t pay tax on your family home when you sell it…right? We take a closer look at the main residence exemption that excludes your home from capital gains tax and the triggers that reduce or exclude that exemption.   Capital gains tax (CGT)...

Next round of Business Boost grants on the way Small businesses ready to take their business to the next level are being encouraged to apply for a Business Boost grant up to $15,000. Previous Business Boost grant recipients have used the funds to introduce an online...

Here are a few things to consider coming up to tax time for individuals: - Save on tax by making superannuation contributions - You can claim a tax deduction for personal contributions. You’ll need to complete and lodge a valid notice of intent with your super fund....

  Kim joined McFillin in 2015, this was Kim’s second employment as a Client Service Officer (Admin) as she was originally employed by Mike McFillin many years earlier & had the opportunity to come back and join Cam & Rod when they initially acquired the...

The statutory Superannuation Guarantee rate will increase from 10% to 10.5% of ordinary time earnings from 1 July 2022. In line with legislation aimed at supporting working Australians in retirement,  this rate will continue to increase by 0.5% per year until it...

The ATO is increasing its collection of information from Cryptocurrency Exchanges to ensure Australian taxpayers are declaring their earnings from crypto-assets. Cryptocurrency is generally used to describe a digital asset in which encryption techniques are used to...

At the end of each financial year, you are required to finalise your Single Touch Payroll (STP) data by submitting a declaration via your chosen payroll software. This finalisation declaration must be lodged by 14 July 2022. Once you submit this finalisation...

Single Touch Payroll (STP) Phase 2 is an expansion of the ATO's payroll reporting system, and it started on 1 January 2022. Under this expansion, you'll report additional information to the ATO and clarify the payments you make to your employees. This also allows the...

ATO warns of impending action Recently the Accountants Daily published an article warning of impending action by the ATO against Directors who have overdue ATO debt and have not been engaging with the ATO. “The letters warn company directors that if they don’t...