Investing in rental property can be a smart financial move—but it comes with important tax responsibilities. Whether you’re a first-time landlord or managing multiple properties, staying on top of your obligations is key. We’ve put together helpful checklists and up-to-date guidance based on the latest ATO requirements for 2025 From what income to declare to…
The Fair Work Commission has announced a 3.5% increase to the National Minimum Wage and minimum award wages. The increase applies from the first full pay period starting on or after 1 July 2025. For more details click here Increase to superannuation guarantee From 1 July 2025, the superannuation (super) guarantee increases to 12%. Learn…
Continue Reading Super & Minimum wages increase 3.5% from 1 July 2025→
✅ 1. Reconcile Your Accounts Ensure all bank accounts, receivables, and payables are up to date and match your records. Write off any bad debts before 30 June to claim a deduction. ✅ 2. Instant Asset Write-Off For businesses with turnover under $10 million: You can immediately deduct assets costing less than $20,000 (excl. GST). Assets must be installed and ready for use by 30 June…
🧾 General Tax Strategies 1. Stage 3 Tax Cuts These are already legislated and apply from 1 July 2024. They reduce the marginal tax rate for many Australians, especially those earning between $45,000 and $135,000. Why it matters: You may pay less tax automatically, but it also affects how you plan deductions and income timing. 2. Work-from-Home Deductions…
1. Maximise Concessional Contributions Cap for 2024–25: $30,000 These are pre-tax contributions (e.g. salary sacrifice or personal deductible contributions). They reduce your taxable income and are taxed at 15% in your super fund (often lower than your marginal tax rate). Just remember to Lodge a Notice of Intent form to claim a deduction with your…
For the 2024–25 financial year in Australia, the Australian Taxation Office (ATO) has updated its rules for claiming work from home (WFH) deductions. Here’s a summary of what you need to know: ✅ Eligibility Criteria To claim WFH deductions, you must: Be genuinely working from home to fulfil your employment duties (not just checking emails occasionally). Incur additional running expenses as a direct…
