Latest news

March 3, 2023

Future earnings for super balances above $3m taxed at 30% from 2025-26

The Government has announced that from 2025‑26 it is reducing the tax concessions available to individuals whose total superannuation balances exceed $3 million. Individuals with balances over this threshold would be subject to an additional tax of 15% on the earnings on any balance that exceeds the $3 million threshold. The tax only applies to…

February 28, 2023

Is ‘downsizing’ worth it?

From 1 January 2023, those 55 and over can make a ‘downsizer’ contribution to superannuation. Downsizer contributions are an excellent way to get money into superannuation quickly. And now that the age limit has reduced to 55 from 60, more people have an opportunity to use this strategy if it suits. What’s a ‘downsizer’ contribution?…

November 16, 2022

30 November director ID deadline

The deadline for existing directors of Australian companies to obtain a Director Identification Number is 30 November 2022. All directors of a company, registered Australian body, registered foreign company or Aboriginal and Torres Strait Islander corporation (ATSI) will need a director ID. This includes directors of a corporate trustee of a self-managed super fund (SMSF)….

October 26, 2022

Shuffling the decks: 2022-23 Budget 2.0

There is nothing in this Budget that would create a UK style crisis. The stage 3 tax cuts legislated to commence on 1 July 2024 are not mentioned, and most funding initiatives appear to be a reallocation of previous Government initiatives. And, the commodity driven $54.4 billion improvement in tax receipts has largely been banked,…

August 25, 2022

FBT-free Electric Cars

New legislation before Parliament, if enacted, will make zero or low emission vehicles FBT-free. Who can access the concession and how? Electric vehicles (EV) represent just under 2% of the new car market in Australia but it is a rapidly growing sector with a 62.3% jump in new EV registrations between 2020 and 2021. Making…

August 25, 2022

Can I claim my cryptocurrency losses?

The ATO has released updated information on claiming cryptocurrency (crypto) losses and gains in your tax return. The first point to understand is that gains and losses from crypto are only reported in your tax return when you dispose of it – you sell it, convert it to fiat currency, exchange it for another type…

June 30, 2022

Appointment of Sen Mahendren as Principal at DAA

Today we are very pleased to announce the appointment of Sen as a Principal of DAA. Sen joined us in August 2012 after a 12 month graduate rotation programme in industry.  After a three year stint in the Business Services team it was very apparent to us (and Sen) that his future lay in the…

June 21, 2022

Tax Time Targets

The ATO has flagged four priority areas this tax season where people are making mistakes. In general, there are three ‘golden rules’ when claiming tax deductions: You must have spent the money and not been reimbursed. If the expense is for a mix of work related (income producing) and private use, you can only claim…

June 14, 2022

What’s changing on 1 July 2022?

A series of reforms and changes will commence on 1 July 2022. Here’s what is coming up: For business Superannuation guarantee increase to 10.5% The Superannuation Guarantee (SG) rate will rise from 10% to 10.5% on 1 July 2022 and will continue to increase by 0.5% each year until it reaches 12% on 1 July…

June 1, 2022

ATO Ramps up Heat on Directors

Throughout March, the ATO sent letters to directors who are potentially in breach of their obligations to ensure that the company they represent has met its PAYG withholding, superannuation guarantee charge, or GST obligations. These letters are a warning shot and should not be ignored. The director penalty regime ensures that directors are personally liable…

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