Late last year, the Australian Taxation Office (ATO) caught thousands of taxpayers and tax agents off guard by informing them of outstanding historical tax debts. This came as a shock to many, who were unaware of these debts in the first place. The ATO has extremely limited grounds upon which they can release taxpayers from debts, such as cases involving serious financial hardship. Source ..read more

When it comes to investing in financial advice, the age-old adage “you get what you pay for” holds far more truth than you might initially think. Renowned author of The Behavior Gap and New York Times columnist Carl Richards is known for his insightful perspectives on how behaviour and finance correlate. In his latest essay, Richards offers a compelling analogy to support the idea that… Source ..read more

Saving for retirement is a priority for many Australians, and superannuation is a key vehicle for building that nest egg. With less than halfway to go until the end of the 2023/24 financial year, don’t forget that your ability to use your “carry forward concessional contribution” cap from the 2019/2020 year will expire at June 30 2024. In other words, if you haven’t taken advantage of… Source ..read more

“Directors can avoid liability by entering into a payment plan with the ATO within 21 days.” A payment plan merely allows the Director to repay outstanding debts incrementally. The Director is still personally liable for the debt after the end of the 21-day period. If the payment plan is defaulted, the ATO can initiate proceedings against the Director personally, seeking recovery of any… Source ..read more

Is your small business feeling the effects of inflation and the rising cost of living? Xero has released a recent survey report titled Money Matters: navigating the impact of economic conditions on the cash flow of Australian small and medium-sized businesses. The report, conducted across seven countries including Australia, intends to understand the impact of the current economic climate on… Source ..read more

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Have you ever applied for a loan through a bank or lender and been asked to provide a ‘capacity to repay’ certificate or ‘accountants letter’ to support your application? If you answered yes, you’re not the first. While this may seem like a simple request, it can be a lot more complicated given the limitations on what accountants can and can’t sign off on. In fact, accountants are now being… Source ..read more

Do you dread the thought of tax time? You’re not alone. A recent survey of 1,018 people has explored the stress levels of everyday Australians surrounding their tax time obligations. The survey found that: So where do you fall? Would you opt for picking up your pooch’s poop before facing the dreaded tax return? Tax time doesn’t have to be like pulling teeth, nor does it need to… Source ..read more

Are young Australians re-defining what the path to retirement looks like? According to a recently conducted research report by Vanguard: ‘How Australia Retires‘, Australians are anticipating that they’ll need an annual income of almost six figures to retire comfortably. The research has revealed that this belief contrasts with the reality of current retirees, who are content with living on… Source ..read more

The ATO has announced its yearly indexation adjustment to Study and Training Loans, including the HECS/HELP* debt scheme. They maintain that indexation is necessary to ensure the sustainability of the loan schemes and to reflect inflation. Except this year it’s almost doubled, with indexation for all Study and Training Loans set to increase to 7.1% on 1 June 2023. So if you’re someone who… Source ..read more