Posts

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Budget 2024 – Wrap Up Video

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Budget 2024 live wrap-up and what to do before June 30!

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Can the ATO make a tax debt invisible to you?

For both individuals and small business owners, the idea of tax debt with unseen consequences is worrisome. It can impact future financial operations without clear signals or the usual pathways to address it. Usually when you owe a tax debt,…
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Last minute Stage 3 Tax Cuts redesigned

Finally bringing down the knife: the Federal Government released a proposal to realign and redistribute personal income tax cuts legislation, to commence on 1 July 2024, for the 2025 financial return year. [Edit 14th March 2024]: on the…
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A summary of all business tax changes this year

Employers & business Superannuation guarantee increases to 11% from 10.5% National and Award minimum wage increases take effect. The minimum salary that must be paid to a sponsored employee - the Temporary Skilled Migration…

Optimised Accounting is moving office

On the 14th of August 2023, we're moving to 89 Simcock Avenue, Spotswood! We are thrilled to announce that our new office is strategically situated 7km from the CBD (and 300m from the Spotswood rail station) to be convenient for all our…
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What Work from Home deductions apply for me?

The Australian Taxation Office (ATO) has updated its approach to how you claim expenses for working from home. The ATO has ‘refreshed’ the way you can claim deductions for the costs you incur when you work from home. From 1 July 2022…
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Extension to domestic violence leave

Employees in Australia will soon have access to paid family and domestic violence leave. Business owners and employers should be aware of these changes as the paid family and domestic violence leave means you will have to pay up to 10 days of…
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Another 1% interest around the bend?

Low interest rates have been a mainstay since the global financial crisis of 2008. When the pandemic hit, Governments pushed stimulus measures through the economy and central banks reduced interest rates even further. Coming out of COVID,…
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Queensland backs down on Australia wide land tax

The Queensland Government has backed away from an amendment that would have seen the land tax rate for investment property in Queensland assessed on the value of the investor’s Australia wide land holdings from 1 July 2023, not just the…
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What to expect from the new Government

Anthony Albanese has been sworn in as Australia’s 31st Prime Minister and a Government formed. We look at what we know so far about the policies of the new Government in an environment with plenty of problems and no easy fixes. The economy The…
Trusts and trust distribution changes

Trusts and Trust Distribution changes in 2022

Late last month, the Australian Taxation Office (ATO) released a package of new guidance material that directly targets how trusts distribute income. Many family groups will pay higher taxes (now and potentially retrospectively) as a result…
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What is Director ID?

In its 2020 Budget Digital Business Plan, the Australian government announced the full implementation of the Modernising Business Registers (MBR) program. The program is designed to both establish the new Australian Business Registry Services…