For most people, interest rates can be confusing. The Reserve Bank of Australia (RBA) is tasked with the responsibility of setting interest rates. It does this at monthly board meetings by determining the cash rate. The cash rate is the price the big retail banks pay to borrow money in the overnight cash markets.
Super funds have seen a significant downturn in the last month, with the worst negative returns since the Global Financial Crisis.
With the cost of living rising and prices increasing in every sector, we have been receiving questions from several of our clients about how best to combat inflation.
Reduced tax rates may be available to eligible entities. Eligible entities include companies, corporate unit trusts and public trading trusts. If your company is a ‘base rate entity’, your company tax rate is 25% for the 2021–22 income year and foreseeable future.
As we enter the new financial year, several new tax changes will be coming into effect as of 1 July 2022
From 1 July 2022, the national minimum wage will increase by 5.2%, which is about $40 per week. The new national minimum wage will be $812.60 per week for full time workers or $21.38 per hour.
The ATO has warned taxpayers to be vigilant on a range of claims that they will be paying greater attention to during tax time. These claims include work-related expenses, cryptocurrency gains and rental income and deductions. The ATO has stated the areas in high focus are where most mistakes are made…
There have been several developments recently which are relevant to Not-for-Profit organisations and charities.
In September 2021, the Department of Health released a discussion paper Improving Choice in Residential Aged Care – ACAR Discontinuation.
As of 1 July 2019, new rules were introduced allowing eligible taxpayers to make tax deductible contributions for unused portions of their super concessional contributions caps from prior years.