Boost your retirement savings

Pre-retirees can take advantage of a range of strategies to boost their nest egg. Here are three popular ways to top up your retirement savings: Maximise contributions Take advantage of the concessional (pre-tax) and non-concessional (after-tax) contributions by contributing as much as you can afford before reaching the caps. From 1 July 2017, the annual…

Clarification on ride-sourcing

The Federal Court has recently agreed that ride-sourcing is taxi travel. For GST purposes, the word taxi means a car (vehicle) made available for public hire that is used to transport passengers for fares. State and territory laws regulating transportation of passengers contain specific definitions of the term taxi. A vehicle can be considered a…

Overview of the upcoming super reforms

The reforms to superannuation made in the 2016 Federal Budget are on their way with most of the changes commencing from 1 July 2017. Some of the changes to take place from 1 July 2017 onwards will include: Lowering the concessional and non-concessional contribution caps The cap on concessional (before-tax) contributions will be decreased from…

Preparing for the super changes

Tighter superannuation rules will apply from 1 July 2017 as part of the super reforms announced in last year’s Federal Budget. The new rules include the introduction of a $1.6 million super balance cap for after-tax contributions; a maximum of up to $25,000 for concessional contributions; and the removal of the current “bring-forward” rule allowing…

ATO issues bad debt ruling

The Australian Taxation Office (ATO) has issued a ruling that clarifies the circumstances in which a deduction for bad debts is allowable. To obtain a bad debt deduction under section 63 of the Act, a debt must exist before it can be written off as bad. A debt exists for the purposes of section 63…

FBT and business vehicles

Business owners who make a car (leased or owned) available for employees to use for private travel may be subject to fringe benefits tax (FBT). If a car is garaged at or near your employee’s home, even if only for security reasons, it is considered by the ATO to be available for their private use…