The ATO Debt Dilemma

Late last year, thousands of taxpayers and their agents were advised by the Australian Taxation Office (ATO) that they had an outstanding historical tax debt. The only problem was, many had no idea that the tax debt existed. The ATO can only release a taxpayer from a tax debt in limited situations (e.g., where payment […]

How to take advantage of the 1 July super cap increase

From 1 July 2024, the amount you can contribute to super will increase. We show you how to take advantage of the change. The amount you can contribute to superannuation will increase on 1 July 2024 from $27,500 to $30,000 for concessional super contributions and from $110,000 to $120,000 for non-concessional contributions. The contribution caps […]

Contractor or employee?

Just because an agreement states that a worker is an independent contractor, this does not mean that they are a contractor for tax and superannuation purposes, new guidance from the ATO warns. Where there is a written contract, the rights and obligations of the contract need to support that an independent contracting relationship exists. The […]

Personal Income Tax Cuts

The personal income tax cuts legislated to commence on1 July 2024 will be realigned and redistributed under a proposal released by the Federal Government. After much speculation, the Government has announced that they will amend the legislated Stage 3 tax cuts scheduled to commence on 1 July 2024. This will mean that more Australian taxpayers […]

The key influences of 2024

Uncertainty has reigned over the last few years, but can we expect more consistency as we head into 2024? We explore some of the key issues and influences. Inflation and labour supply RBA Governor Michelle Bullock stated, “Inflation is past its peak and heading in the right direction, but it is likely to return to […]

Navigating the Festive Landscape of Christmas and Tax Benefits

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As the year draws to a close and Christmas festivities begin to ramp up, tax concerns should not dull employers’ willingness to give back to their employees and clients as a gesture of gratitude and goodwill. Here are some tips to consider when wanting to share the Christmas joy without incurring a tax bill in […]

The ‘AirBNB’ Tax

Property investors that choose to utilise their property for short-term stays (or leave it vacant) are firmly in the sights of the regulators. The Victorian Government’s recent Housing Statement announced Australia’s first short-stay property tax. The additional tax, which is scheduled to come into effect from 1 January 2025, is expected to generate $70 million […]

‘Electrifying’ your Business

Electricity is the new black. Gas and other fossil fuels are out. A new, limited incentive nudges business towards energy efficiency. We show you how to maximise the deduction! The small business energy incentive is the latest measure providing a bonus tax deduction to nudge the investment behaviour of small and medium businesses, this time […]

Thinking of subdividing?

You’ve got a block of land that’s perfect for a subdivision. The details have all been worked out with Council, the builders, and the bank. But, one important aspect has been left out; the tax implications. Many small-scale developers often assume that their tax exposure is minimal – but this is not always the case […]

Why is my tax refund so small?

We show you why. There is a psychology to tax refunds that successive Governments have been reticent to tamper with. As a nation, Australia relies heavily on personal and corporate income tax, with personal income tax including taxes on capital gains representing 40% of revenue compared to the OECD average of 24%. And, for the […]

Super Savings & Strategies

Tax deductions for topping up Super You can make up to $27,500 in concessional contributions each year assuming your super balance has not reached its limit. If the contributions made by your employer or under a salary sacrifice agreement have not reached this $27,500 limit, you can make a personal contribution and claim a tax […]

9 Tax Savings for your Business & Protecting against Risk

1. Bring forward the purchase of assets If there are large assets your business needs to buy (or upgrade), you have until 30 June 2023 to use the temporary full expensing rules. These rules enable businesses with an aggregated turnover of up to $5bn to fully deduct the cost of the asset upfront rather than […]

Tax Savings for the Taking!

It’s that time of year when we all look at what last minute things we can do to maximise tax savings. In the wise words of the late Kerry Packer to a Senate estimates committee, “Of course I am minimising my tax. And if anybody in this country doesn’t minimise their tax, they want their […]

Tax on Super Balances above $3M

In a very quick turnaround from announcement to draft legislation, Treasury has released the exposure draft legislation for consultation to enact the Government’s intention to impose a 30% tax on future superannuation fund earnings where the member’s total superannuation balance is above $3m. The draft legislation confirms the Government’s intention to: Currently, all fund income […]

What will the ATO be asking about your holiday home?

Taxpayers claiming deductions on holiday homes are in the ATO’s sights. The ATO is more than a little concerned that people with holiday homes are claiming more deductions than they should and have published the starting questions they will be asking to scrutinise claims: The problem is blanket claims for the holiday home regardless of […]

What’s the deal with Working from Home?

The Australian Taxation Office (ATO) has updated its approach to how you claim expenses for working from home. The ATO has ‘refreshed’ the way you can claim deductions for the costs you incur when you work from home. From 1 July 2022 onwards, you can choose either to use a new ‘fixed rate’ method (67 […]

Section 100A

The ATO has released its final position on how it will apply some integrity rules dealing with trust distributions – changing the goal posts for trusts distributing to adult children, corporate beneficiaries, and entities with losses. As a result, many family groups will pay higher taxes because of the ATO’s more aggressive approach. The tax […]

The ATO’s U-Turn

Sportspeople, media personalities, celebrities and ‘insta’ influencers beware. The ATO has taken a U-turn on how fame and image should be taxed. If you’re famous and make an income from your fame and image, the way the ATO believes you should be taxed on the income you make may change under a new draft determination […]

Who to turn to when your footprint overflows…

How SRJWW supported Anthony Beasley during times of turbulence, business growth and financial freedom As the director of Jarah Corporate, Anthony Beasley is renowned internationally as a specialist in the fields of mining, resources, leadership and health and safety systems design. But the one area he hasn’t been able to master? Financial management. “We’re very […]

Tax & the Family Home

We take a closer look at the main residence exemption that excludes your home from capital gains tax and the triggers that reduce or exclude that exemption. Capital gains tax (CGT) applies to gains you have made on the sale of capital assets (assets you make money from). Unless an exemption or reduction applies, or […]

Tax Time Targets

With tax season almost upon us the Australian Taxation Office (ATO) has revealed its four areas of focus this tax season. Record-keeping Work-related expenses Rental property income and deductions, and Capital gains from crypto assets, property, and shares. In general, there are three ‘golden rules’ when claiming tax deductions: You must have spent the money […]

Tax and the Normalisation of Cryptocurrency

In early November, the Commonwealth Bank announced that it is now Australia’s first bank to offer customers the ability to buy, sell and hold crypto assets, directly through the CommBank app. You know when the banks come on board, cryptocurrency has become normal. But cryptocurrency is only one part of the blockchain universe. Non-fungible tokens […]

Making Success Stick: How Laticrete Lifted Sales and Doubled Profits

Imagine seeing your business continue to grow, despite the pandemic. That’s exactly what Australian building materials manufacturer Laticrete has achieved—with the help of strategic planning from SRJ Walker Wayland. General Manager Emma Tschannen steers Australian operations for Laticrete Australia—with a strong annual turnover. After working with SRJ since October 2018, Emma describes a very high growth in […]

Recipe For Success: How Periwinkle Restaurant Beat the Pandemic

Business can demand everything—especially in hospitality. When French chef Frank Boulay and his wife Karin set up Periwinkle family restaurant on the Sunshine Coast, they needed accounting support that gave the business everything it deserved. Frank had helped open the Ritz-Carlton at Grand Cayman Island in the Caribbean—and been Executive Chef at the Sheraton in […]

Cosmetic Gold: How Digispectro is redefining ‘skin deep’.

Barry Amor and his company, Digispectro, are imagining better for the world with their award-winning invention—CompleXion. The handheld device perfectly captures the colour of a person’s skin, in all lighting conditions—a notoriously difficult challenge. This enables cosmetic manufacturers to create unique formulas with perfect colour matching. “But it goes beyond that,” Barry explains. “We can […]

Strength To Strength: How GDG learnt to love their annual audit.

Imagine a large non-profit with complex reporting looking forward to its annual audit. That’s exactly what happened for Brenda Pearson, Administrator of Global Development Group. “We build better lives for the world’s poorest people,” she explains. “As a charity, we have more than 5-million beneficiaries across the world, 15-thousand donors—and no government funding,” she says. […]

Secret Sale

“A year ago I was under great stress—John and the SRJ team carried us through a process—now we’re happily enjoying our retirement”. Andrew McDonaldDWC Tiles The Challenge—Selling Without Advertising Andrew and Lisa McDonald had worked hard making DW Custer Pty Ltd (trading as DWC Tiles) a thriving enterprise. But with no family succession possible, they […]