Being a smart taxpayer means knowing what resources are available to you and understanding how the ATO deals with individuals as tax problems arise. Here are three simple things all individuals can do to help keep their tax affairs as stress-free as possible this tax time. Sometimes, the way we approach tax matters can end up making a big difference to our bottom line and stress levels. Here are three tips to help individual taxpayers achieve a better outcome when lodging and dealing with the ATO.

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This year, as every year (around August), we will provide you information on reviewing (and engaging with) your annual superannuation statement. The changes that we refer to above are encapsulated in the recently legislated Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018. Whilst an overview of this Bill was provided in our article, ‘Legislative update (Acts): To be, or not to be… (Part 2)’, we go into further detail below.

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The FHLDS aims to help first home buyers purchase a home faster. Estimates suggest that it will reduce the time taken for first home buyers to save for a home deposit, by at least half. For context, the national averages for the time it takes an average-income couple to save a 20% home deposit, is 4.6 years for a median-priced house; or 4.2 years for a median-priced apartment. If legislated, the FHLDS will help eligible first home buyers purchase a home with a deposit as low as 5%, by guaranteeing any shortfall in the 20% deposit that most lending institutions require for a home loan.

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Central banks have generally moved to an easing stance on the back of growing concerns with weaker economic growth. It remains to be seen if sufficient fiscal policy support will also be implemented. 

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Transferring a commercial property into an SMSF can be a great way to build retirement savings and take advantage of the concessionally taxed SMSF environment. But when acquiring property from a related party, it’s vital the property meets the “business real property” test. Make sure you know the essential elements of this test when exploring this strategy. Holding property in an SMSF can certainly have tax advantages. The rental income and capital gains are concessionally taxed, or even tax exempt to the extent the property supports retirement phase pensions.

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Various factors can influence your retirement wellbeing and security. Many of these factors are often out of your control, but there are some that aren’t. With this in mind, have you ever wondered how Australia ranks against other countries in terms of retirement wellbeing and security? Broadly speaking, the Global Retirement Index assesses and compares the level of retirement wellbeing and security in different countries via the collection and analysis of a range of source material.

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Will you need to buy textbooks for your work-related study, or perhaps invest in a new computer? You can claim deductions for these expenses, and others, if your course of study has the necessary connection to your current employment. Find out what rules apply when claiming for books, equipment, accommodation and travel, and ensure you’re claiming everything you’re entitled to.

Undertaking further study is a great way to enhance your skills on the job, but on top of tuition fees you may be facing a range of additional costs.

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This year, as every year (around August), we will provide you information on reviewing (and engaging with) your annual superannuation statement. However, given several changes that take effect from 1 July 2019, we felt it was pertinent to touch base prior to this. Protecting Your Superannuation Package. The changes that we refer to above are encapsulated in the recently legislated Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018. In a nutshell, to protect a person’s retirement savings, from 1 July 2019 …

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Have you sorted out Single Touch Payroll arrangements for your small business? If not, it’s time to get cracking! All businesses must be fully on board with this electronic payroll reporting standard by the end of September, which may mean upgrading or purchasing new payroll software. The good news is that the ATO has been working with software developers to ensure there’s a range of affordable and simple solutions available – even for the smallest micro businesses. From 1 July 2019, Single Touch Payroll (STP) reporting will become mandatory for all employers. Small businesses (ie those with fewer than 20 employees) have previously been exempt, but will now need to take action to ensure they’re ready.

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