Superannuation contributions can be an effective strategy to reduce your tax. You should act as soon as possible to make your contribution deductible for the 2023 financial year.Continue reading
From the 1st November 2021 company directors need to verify their identity and obtain a Director Identification Number (DIN)Continue reading
From 1 November 2021, employees have their existing super funds “Stapled” to them – Stapled Super Funds.Continue reading
From 1 October 2021, SuperStream will become mandatory for all self-managed super funds to rollover super to or from their funds.Continue reading
Do you use multi-factor Authentication applications as part of your job? And how do you transfer them to a new phone?Continue reading
WHERE IS MY $1,080 REFUND?
With the Australian media reporting “workers could expect up to $1,080 extra in their wallets from their tax return”, it is understandable that mass confusion has spread. The $1,080 is not a refund, it is a tax offset. If you are an Australian resident and pay tax, you are eligible for both the Low income tax offset and Low-and-middle-income tax offset, depending on the level of your taxable income.
WHAT IS A TAX OFFSET?
A tax offset directly reduces the amount of tax payable. Unlike a tax deduction, which reduces your taxable income upon which the tax payable is calculated.
With the Australian media reporting “workers could expect up to $1,080 extra in their wallets from their tax return” refund, it is understandable that mass confusion has spread.Continue reading