Working out your WFH expenses this tax time
To be eligible to claim working from home (WFH) expenses, you need to be genuinely working from home to fulfil your employment duties, not just …
Sole trader or company: what are the tax differences?
You may be starting out in business and trying to decide whether to become a sole trader or to set up a company. Alternatively, you may already be an …
Upskilling? You may be able to claim your self-education expenses
If you’ve thought about upskilling or undertaking professional development this year, you may be able to claim some of your self-education expenses in …
Instant asset write-off extended to 30 June 2025
Announced as part of the 2024–2025 Budget, and now legislated, the $20,000 instant asset write-off limit has been extended for a further 12 months …
General transfer balance cap increases to $2.0 million
The December 2024 Consumer Price Index (CPI) number has been released, confirming that the superannuation general transfer balance cap will increase …
Making smart super investment choices
Choosing the right investment option for your superannuation is important for your retirement savings. It’s essential to understand the different …
Made a mistake charging GST? Don’t panic
As a small business owner, you know how important it is to get your GST right. If you’ve realised you’ve incorrectly charged GST on a sale, don’t …
Claiming tax deductions for vacant land
Hoping to claim tax deductions on your vacant land? You need to meet a number of strict conditions to claim for costs such as interest payments on …
Super legacy pensions: regulations offer window to exit
For legacy lifetime, life expectancy and market-linked superannuation income stream products that generally commenced prior to 20 September 2007, …
How tax works in Australia’s superannuation system
Australia’s super system plays a vital role in ensuring financial security for individuals in retirement. However, how superannuation is taxed can …
ATO warns about GST refund fraud: check your arrangements
The ATO-led Serious Financial Crime Taskforce (SFCT) has issued a warning to businesses against trying to cheat the tax and super system by committing …
Understanding the Australian Government’s plan for cash and cheques
As digital payments become increasingly prevalent, the Federal Government has announced it’s taking significant steps to modernise the nation’s …
Managing your business’s tax debts
Facing a tax bill is a common challenge for many Australian businesses, and the ATO has recently shifted to a more active approach to debt recovery. …
Exploring compassionate early release of super
Superannuation is designed to provide for your retirement, but there are limited circumstances where you can access your super early on compassionate …
Super, KiwiSaver and the Trans-Tasman Retirement Savings Portability Scheme
If you’re thinking of making a permanent move between New Zealand and Australia, what do you do about your superannuation fund or KiwiSaver scheme? …
Spouse contribution splitting: a strategic approach to retirement planning
As retirement approaches, couples often discover a significant imbalance in their superannuation accounts. This disparity can become crucial when …
Superannuation on paid parental leave from 1 July 2025
In March 2024, the government announced its intention to commence paying superannuation on government paid parental leave (PPL) payments from 1 July …
Understanding the Medicare levy and Medicare levy surcharge
Navigating the Australian tax system can be challenging, especially when it comes to understanding the Medicare levy and the Medicare levy surcharge. …
ASIC warns of scammers impersonating Bunnings with fake investment bonds
If you’ve spotted what looks like an amazing investment opportunity from Bunnings recently, beware! The Australian Securities and Investments …
Proposed changes to HELP loans could mean lower repayments in 2025
If you’re one of the millions of Australians with a Higher Education Loan Program (HELP) debt, you might be wondering how the government’s …
Changes coming for buy now pay later services
If you’re one of the millions of Australians who use buy now pay later (BNPL) services, important changes are coming that will give you stronger …
ATO launches its small business focus areas for 2025
Understanding the ATO’s focus areas for 2025 is essential to ensuring your business remains compliant and successful. The ATO has outlined …
Recovering from a natural disaster: what you need to know about tax
As Australia experiences another summer of unpredictable weather patterns, it’s essential to be prepared for the unexpected – natural disasters …
ATO data-matching: “lifestyle” assets and your business
The ATO has announced or extended a number of data-matching programs recently, including the lifestyle asset data-matching program. Data will be …
Is your business BAS-ready?
Now is a great time to make sure your business is ready to meet upcoming business activity statement (BAS) due dates. The BAS applies if you run a …
Do you rent out your holiday home?
If you own a holiday home you might rent it out at times when you’re not using it yourself. Remember, you should seek professional advice if you have …
Leveraging MYOB Practice Management for growth and efficiency
As one of Toowoomba’s leading accounting firms, Horizon Accounting has built its reputation on lasting client relationships. Now powered by MYOB …
Accessing super from age 60 to 65
From 1 July 2024, the rules for accessing superannuation became somewhat simplified: the preservation age when you can begin to access your benefits …
“Super saver” scheme now more flexible for first home buyers
In welcome news for first home buyers, the government has made changes to the operation of the First Home Super Saver Scheme (FHSSS) to improve its …
Payday super: policy design released
As part of the 2023–2024 Federal Budget, the government proposed a “payday super” reform. A newly released government fact sheet sets out some key …