You’ve waited patiently for this day. Your fingers are hovering over the keyboard, punching in your interest earned and hours worked. In a few days the ATO will send you a shiny new email, filled with a ‘free parking’ level of cash. You’re left with one question:
What am I going to spend it on? The family tax benefit (FTB) is a benefit paid to eligible families to assist with the cost of raising a child.
As we approach the end of financial year, you may be walking through your house and wondering what exactly you can claim. Your new computer? Your lunch from last week, lain forgotten in the veggie drawer? Your dog?
Opting to boost your superannuation contributions through salary sacrifice can be a strategic way to reduce your taxable income. When you choose to allocate more of your salary to your super, the amount you contribute is deducted from your taxable income, potentially leading to significant tax savings.
Government legislation has been implemented in relation to electric vehicles. From the 1st of July 2022 employers do not pay Fringe Benefit Tax on eligible electric cars and associated car expenses.
Working in government roles often comes with enticing perks, and one of the significant advantages is the opportunity to leverage various tax-saving schemes. Many government jobs offer contribution matching for salary sacrificing, a strategy that not only secures additional contributions from your employer to your superannuation but can also trim down your taxable income, resulting in potential tax savings.
Have you been sent a summary from the Commonwealth Superannuation Corporation (CSC) that outlines what the various components are of your superannuation pension amount? If so, what does it all mean?
In a significant development for the Australian tax landscape, stage three tax cuts have been implemented from 1st July 2024. The changes promise to impact a broad spectrum of income earners, with tax reductions designed to stimulate economic growth and provide relief to taxpayers.
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