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Christmas Parties and FBT

Year-end (and other) staff parties With the well earned December/January holiday season on the way, many employers will be planning to reward staff with a celebratory party or event.  However, there are important issues to consider, including the possible FBT and income tax implications of providing ‘entertainment’ (including Christmas parties) to staff and clients.  FBT […]

Christmas Gifts and FBT

With the holiday season approaching, many employers and businesses want to reward their staff and loyal clients/customers/suppliers. Again, it is important to understand how gifts to staff and clients, etc., are handled ‘tax-wise’. Gifts that are not considered to be entertainment These generally include a Christmas hamper, a bottle of whisky or wine, gift vouchers, […]

SUPER AT EVERY AGE

Accumulation Fund. Pension Fund. TTR Strategy. What does it all mean? Today I’m going to talk about super at different life stages, and more specifically the transition to retirement – what it is and how it’s taxed. Accumulation fund is what it sounds like. It describes your superannuation when it is accumulating money – when […]

Superannuation: Learning the Lingo

It’s time to talk about all the terms that you are going to hear inside your superannuation fund. And it is important that you understand these terms because, as I said before, you can’t make informed decisions if you don’t have the right knowledge. I’ve summarized all of this in My Plain English Glossary of Superannuation Terms […]

Super and You

Okay, so in the second part of this series, we are going to talk about how superannuation affects you and some of the terms that you’ll hear about. The most common one you’ll hear is super guarantee. Super guarantee is the compulsory super that your employer has to pay on your wages. But it’s important […]

An Introduction to Superannuation

I get it. Superannuation is confusing. It’s a world that’s filled with fancy terminology and acronyms that most of us don’t understand. But superannuation is your wages in retirement, so you need to take an active approach to it. Of course, that’s easier said than done when you don’t understand the basics. So let’s break […]

Budget 22: New Medicare Thresholds

Increasing the Medicare Levy Low-income Thresholds The Government will increase the Medicare levy low-income thresholds for seniors and pensioners, families and singles from 1 July 2021 as follows: The threshold for singles will be increased from $23,226 to $23,365. The family threshold will be increased from $39,167 to $39,402. For single seniors and pensioners, the […]

2022-23 Federal Budget Highlights

Budget 2022 23 The Federal Treasurer, Mr Josh Frydenberg, handed down the 2022–23 Federal Budget at 7:30 pm (AEDT) on 29 March 2022. In an economy emerging from the pandemic, the Treasurer has confirmed an unemployment rate of 4% and an expected budget deficit of $78 billion for 2022–23. As international uncertainties add pressure on […]

How is cryptocurrency taxed in Australia?

One of the most common questions clients are asking us now is: How is my crypto taxed? Many people unfortunately don’t understand that a cryptocurrency is just like any other investment. Whether you’re currently involved in a cryptocurrency like bitcoin, or considering buying a cryptocurrency, it’s important you understand the tax implications before investing. While […]