Update: New tax ruling 2022/3 released by the Australian Taxation Office (ATO) combines two previous tax rulings – 2001/7 and 2001/8 – in relation to the application of the Personal Services Income (PSI) rules. This combination of the two previous rulings provides the ATO’s finalised concepts of Personal Services Income and Personal Services Businesses (PSB)....
From 1 January 2023, the eligible age for downsizer super contributions has been lowered to 55 years of age, or older. This means if you have reached the eligible age, you may be able to contribute up to an additional $300,000 to your super. How? By downsizing your home and contributing the proceeds of the...
Your superannuation, or ‘super’ is money put aside by your employer over your working life for your retirement. Super is important because the more money you save, the more money you have for retirement. Super is only able to be withdrawn in certain circumstances such as retiring, or turning 65, which ultimately works in your...
You’ve completed a job for your customer, now it’s time to begin your billing process. Taking the time to prepare a tax invoice for your customers, gives a professional conclusion to your services. Below, we will cover the key elements to creating your tax invoice. What is a Tax Invoice? A tax invoice is a...
In this article, we will walk you through what qualifies your donation to be tax deductible, as well as how much tax you can claim on your donations. What qualifies a donation or gift as a tax deduction? For a donation or gift to qualify as a tax deduction, it has to meet the...