The federal government is drafting new legislation to establish a ‘trans-Tasman savings portability scheme’ in an effort to help people who move between Australia and New Zealand better manage their retirement savings. Currently, Australian and New Zealand citizens working in Australia are unable to take their superannuation with them if they move permanently to New […]
Tax Advice
Tax Advice: 2021 Tax Return | Increase Your Tax Refund | Superannuation | Tax Deductions | Medicare and Health Insurance
Superannuation Co-Contribution: Get More Money for Your Super
Ever wonder how you can better prepare yourself for retirement? Low or middle-income earners can give your super a nice boost – with very little sacrifice! Read on to find out how you can take advantage of the Federal Government’s superannuation co-contribution scheme. What is it the government super co-contribution scheme? The super co-contribution scheme is […]
Income Tax Breaks could mean more $$$ in your pocket!
With the government tax forum drawing to a close last week, one significant proposal on income tax seems to have gained some traction. While not committing to a specific timeframe, Treasure Wayne Swan explained that government is in the planning stages of raising the tax free threshold to $21,000 – a move that would also […]
5 Smartest Ways to Use Your Tax Refund
We’re often asked the smartest ways to use your tax refund – so we’ve collated a quick list of tips and ideas! How to spend your tax refund to get ahead 1. Pay off your debts Probably the very smartest way to use your tax refund is to pay off any bills or credit cards. […]
Generation Y could be losing thousands in tax refunds!
A new Bankwest survey found that many of Australia’s tech-savvy Gen Ys could be missing out on higher tax refunds from the ATO. The report found that 53% of Gen Ys submit their own return in the hope of saving themselves the Accountant fees. The Bankwest report says that while the younger generation feel more […]
Super Fund Commission Charges Wipe Out Super Tax Breaks
A new study conducted by Rainmaker Information found that super fund commission charges and fees wipe out almost all of the tax concessions Australians receive for superannuation. These commissions are being charged on Retail Super Funds – funds run by the “big four” banks and insurers. These super fund commission charges – often secretive but […]
ATO Audits are Now More Accurate at Finding Tax Cheats
ATO Audits are conducted when ATO systems detect signs that someone is cheating on their taxes. The Australian Tax Office (ATO) now uses more advanced computers to detect suspicious claims and fraudulent tax returns. Computer modeling finds tax cheats and triggers ATO audits A series of 20 computer models run on every tax return, with […]
