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Wok Related Expenses Generally speaking, there are three rules for Australians looking to claim work-related expenses on their tax return: You must have spent the money, and not been reimbursed for the expense The expense must be directly related to you earning your...

The annual wage review for 2020/2021 by the Fair Work Commission has been released. National Minimum Wage is increasing by 2.5% to $20.33 per hour from 1 July 2021 up from $19.84 per hour, and modern award rates will also increase by 2.5% though as with the previous...

In order to reflect accurate member balances for the year ended 30 June 2021, SMSF that hold property need to obtain a market valuation.  Generally an external valuation of real property is not required each year.  However, a recent valuation would be deemed necessary...

Happy New (Financial) Year As we enter a new financial year it is a great time for business planning and reflecting on the year that has been. With the whirlwind of 2020-2021 and all the changes that Covid-19 has brought, it is important to also take some time to...

The QLD government has recently announced a new Small Business – Business Boost Grant worth up to $15,000 Further details and eligibility criteria is expected to be released in mid-July 2021 with applications opening in late July 2021. For further information on this...

You may be exempt from giving payment summaries to your employees and a payment summary annual report to us for the amounts you've reported through STP. This information will be made available to your employees online through myGov or via their registered tax agent....

In the 2017-18, 2018-19 and 2019-20 income years, companies that are classified as Base Rate Entities must apply the 27.5% company tax rate. In the 2020-21 income year, the tax rate has reduced to 26%. From the 2021-22 income year onwards, the tax rate will lower...

Contribution caps 2021-2022 financial year From 1 July 2021, the superannuation concessional and non-concessional contribution caps will be indexed. The new caps will be:   Year Concessional Cap Non-Concessional cap 2021-22 $27,500 $110,000 or $330,000 over 3...