Individuals

While technology is racing and your job requires you to stay on top of your game, have you wondered whether the costs of seminars, conferences and other self-educational expenses are deductible?

Division 293 tax is an additional tax imposed by the Australian government on high-income earners in addition to the normal taxes they pay. Division 293 tax is calculated separately from income tax and is specifically applied to concessional superannuation contributions that exceed the concessional contributions cap or to an individual’s income for surcharge purposes that exceeds the Division 293 threshold (currently at $250,000).

The ATO has been concerned about arrangements involving individual professional practitioners who redirect their income from an activity or business that includes their professional services to an associated entity where it has the effect of significantly reducing your tax liability.

In January 2024, the government announced that it would redesign the Stage Three tax cuts that were initially announced by the former government in 2018. The new rates were designed to provide larger tax cuts to low and middle income earners and reduce the tax cuts for those earning $160,000 or more.

On Tuesday, 25th October, Federal Treasurer Jim Chalmers handed down the 2022/23 Albanese Government - Federal Budget, providing a brief introduction into Labor's priorities to steady the peak of inflation and manage Australia's economic deficit.

For Individual taxpayers, July presents an ideal time to get ahead in lodging your Income Tax Return for the pervious Financial Year. In claiming all appropriate deductions, you can potentially lower your tax obligations.

You may be able to claim a tax deduction for motor vehicle expenses if you have used your vehicle for work-related purposes.

After two years of significant spending by the Government amid the COVID-19 pandemic in providing financial assistance to businesses and individuals, the Government will now be looking at ways to boost revenue and recoup the money spent to support the economy through the pandemic. With increased funding being provided to the ATO, we can expect to see a rise in the level of review and audit activity in areas the ATO believe mistakes are being made by taxpayers.

On Tuesday, 29th March, Federal Treasurer Josh Frydenberg delivered the 2022/23 Federal Budget, focused on supporting Australians against the rising cost of living, and build the post-pandemic recovery for the economy as this begins to take shape.