News/Blog
Stay up to date with all our latest news, guidance and regulatory information here. We like to focus on the practical implications of changes to tax, insurance and financial planning legislation as well as offering insights on topical issues relevant to our clients.
LATEST ARTICLES
Do you need a small business accountant?
Are you ready to take your business to the next level? Here are just some of the benefits from working with Taxpro to help support your business venture's growth. Legal structure support We work with entrepreneurs, tradies, and freelancers to help guide them on the best way to structure a business for performance and compliance from the outset. We can help support your business plan with forecasting and financial projections which would help you choose the right setup can actually save you tax in the long run. It is an exciting time, but it also can be challenging in that each business is different and there’s no one size fits all approach. There are four main business structures commonly used by small businesses in Australia. We’ll guide you through the options based specifically on your business, to find out what works best for you. Expert tax advice If you have already started your business but are ready to take it to the next level, then we can help you make the right tax decisions so when you do scale up, you are paying the [...]
Errors in property investors tax returns have sparked ATO crackdown
The ATO has sent a warning to property investors after it found rental income and deduction errors in more than 70 per cent of tax returns audited last year. It has found that investors have been failing to declare all rental income or any capital gains from selling an investment property as well as incorrectly claiming deductions on their rental properties. The ATO now has better oversight through third-party data sources such as sharing economy platforms, rental bond authorities and property managers. Some of the more common mistakes are: Incorrect interest claims for the entire investment loan where it has been refinanced for private purposes Incorrect classification of capital works as repairs and maintenance Apportioning deductions for holiday homes when they are not genuinely available for rent. Partners splitting income and deductions Incorrectly claiming capital works, such as immediately claiming the full amount for a kitchen renovation, instead of spreading it over a number of years Claiming deductions on redrawn mortgage loans used for personal expenses In particular, platforms such as AirBnb and Stayz are being closely looked as they have now become very [...]
Get a tax refund? Here’s some smart ways to spend it!
It can often feel like a bonus when you get a tax refund. The average tax refund is almost $3000, and up to 80% of taxpayers can expect money back, so although it can feel like a headache to do your tax return, there could well be some extra cash coming your way to commend you for your efforts! We recommend that you talk to one of our expert tax accountants to help assist you with your tax returns. They know all the up-to-date information about what deductions you can claim (things can change year to year) so make sure you don’t miss out. Pay off high interest debt This should be your priority as high interest loans and credit cards can easily get out of hand. List all the debt you have and start with the one that has the highest rate of interest. Especially anything over 5%. By using the extra cash from your tax return to wipe bad debt, you can save you so much more in the long term and can stop it spiralling out of control. Have a mortgage? [...]
Our office expansion is complete!
We are delighted to announce that Taxpro Australia has doubled its office space at its head office in Balcatta! The additional space is situated on the same floor of our existing building and will provide the much-needed extra space for our growing divisions Taxpro Mortgage and Finance and Insurepro. Our Managing Director, Joseph Sangiacomo, will also move across to a lighter and brighter office, which opens up two extra offices for our tax and bookkeeping services to expand into. Further office space will be utilised in the future as we continue to grow the team! The renovations began just over a month ago, and we are pleased that this process has gone smoothly. This expansion is a natural step for Taxpro Australia as we continue to build on our services for clients which includes tax and accounting, bookkeeping, financial planning, mortgage and finance and insurance. We are pleased to have been able to take the office space adjacent to our existing office. It was important to us that our clients continue to enjoy the benefits of having their finances, be that tax obligations, investments [...]
$450 monthly income threshold removed
Improving the outcomes for casual workers and narrowing the gender gap In the 21/22 Budget, it was announced that the Government will remove the minimum $450 monthly income threshold, so from next year employers will have to pay Superannuation Guarantee (SG) contributions to all eligible employees aged 18 years and older, regardless of what they earn. At the moment, employees (aged 18+) that earn less than $450 (before tax) per month are not entitled to superannuation guarantee payments from their employers. The Government has planned to introduce this legislation by 1 July 2022. In a media statement from the Association of Superannuation Funds of Australia research (ASFA), it estimates that around 220,000 women and 145,000 men are missing out on around $125 million of superannuation contributions each year due to the $450 wage threshold. This will predominately affect women because they make up the majority of part-time and casual workers. The Workplace Gender Equality statistics 2021 show that women constitute 67.2% of all part-time employees in Australia. Superannuation is paid when you are working, so if women have had time away from work due [...]
Federal Budget 2021 – Tax summary
Earlier this month (11 May), the Treasurer announced the 2021 budget, which is the Federal Governments plan for the next stage of Australia’s recovery. To help you understand how the Budget 2021 may affect you in terms of your tax obligations, we have uploaded the Budget 2021 fact sheet -Tax to our downloads section of the website. To summarise, the budget includes lower taxes for working Australian’s and business tax relief to create jobs. Tax cuts for low-and middle-income earners The Low and Middle Income Tax Offset (LMITO) has been extended for one year which means individuals within the specified income ranges will retain tax cuts. You may have read in our article about this last month that the LMITO was due to end on 30 June 2021, but following this announcement, it will now be extended until 30 June 2022. The Government has estimated that around 10.2 million individuals will benefit from retaining the offset in 2021-22, which is worth up to $1,080 for eligible individuals or $2,160 for dual income couples. This tax relief is part of your annual tax return, so [...]
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