Are you prepared for the new Data Breach Notification Laws? On February 22, 2018 the new Data Breach Notification Laws came into effect. Many Australian organisations are now legally required to notify affected individuals, and the Australian Information Commissioner, of any eligible data breach affecting personal information. Does this affect your business? This
10 Crucial System Tips for Small Business Have you ever stopped to notice just how many business owners you come across that are always under the pump, jumping from one urgent problem to another, working ridiculous hours just to stay on top of things. In my experience these business often suffer from a lack of
Super Co-contribution payments Answer: If you are a low or middle-income earner and make personal (after-tax) super contributions to your super fund, the government also makes a contribution (called a co-contribution) up to a maximum amount of $500. You will be eligible if you can answer yes to all of the following: you made one
Can I claim Self Education Expenses for a course I am undertaking? Answer – Self-education expenses are deductible when the course you undertake leads to a formal qualification and meets the following conditions. a) The course must have a sufficient connection to your current employment and: maintain or improve the specific skills or knowledge you
Splitting your Super contribution into your Spouse’s super and reap the tax savings rewards Answer: You can split up to 85% of you pre-tax super contribution with your spouse. This can help their super grow and possibly reduce the tax you’ll pay as well if you make salary sacrifice contributions. The types of contributions you
“Why should I see my accountant about year end planning?” For most businesses the last 12 months have been a fairly rocky road with changing consumer spending patterns, poor crops, housing pressures and declining sales. Hence it would make sense to ensure that you avoid getting taxed unnecessarily on what you did make or consider ways to
Do I pay more tax on Interest or Dividends? Answer – They are taxed is the same, it’s at your marginal rates (for individuals). What makes these two types of income streams different for tax purposes are: Interest is paid on funds held in bank accounts or that were loaned to people/entities. Dividends are distributions
Have you heard about the “Spouse Super Contribution Rebate” Answer: You will be entitled to a tax offset of up to $540 per year if: You make an after-tax contribution of up to $3,000 into your spouse’s super; the sum of your spouse’s assessable income, total reportable fringe benefits amounts and reportable employer superannuation contributions
If I have my Work Related Expenses reimbursed, can I also claim them as a tax deduction in my personal tax return? Answer – No, because your Employer will claim the reimbursement paid to you as a tax deduction and because you have been reimbursed, you’re overall out of pocket expense is $Nil. Disclaimer
Am I better to have a work related expense reimbursed from my Employer or claim it as a tax deduction? Answer – This one is easy, you are always better to have any work related expenses reimbursed from your employer as opposed to not having it reimbursed and claiming it as a tax deduction. Why?
