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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...

Claiming tax deductions for personal superannuation contributions You may be able to claim a tax deduction for personal super contributions that you made to your super fund from your after-tax income during the 2021 financial year. Before you can claim a deduction for...

Checklist for individual tax returns This year we are including a checklist as part of preparing and lodging your individual return. The checklist will ensure that key details are reviewed as part of the preparation of your individual return. The checklist will ask a...

Single Touch Payroll (STP) – Are you ready? From 1 July 2021 all amounts paid to closely held payees will need to be reported to the Australian Taxation Office through an STP enabled software. For more information please refer to;...

Are you ready for the increase in your Employee’s Super? From 1 July 2021, the Super Guarantee Percentage is increasing to 10% from 9.5%. This will apply to any wages payable from this date. Depending on your Accounting/Payroll Software, the calculation will update...

The FBT year is upon us.... Fringe Benefits Tax (FBT) relates to benefits provided to staff outside of their wages such as cars, housing, parking or meal entertainment. The FBT year runs from 01 April to 31 March, and the tax is paid for by the employer irrespective...

Business Updates Instant Asset Write Offs has been extended to 30 June 2023. Claw Back of Tax Losses - the loss carry-back measure will be extended to allow eligible companies to also carry back tax losses from the 2023 income year to offset previously taxed profits...