Planning to contribute funds to your superannuation? Please ensure you are aware of the cap applicable to avoid paying extra tax.
If you receive income from more than one source and are certain that you will earn less than $18,200 in total income for the financial year, you can now claim the tax-free threshold from all of your employers and other withholding payers.
Clients often worry why their refunds are not as high last year. Of course we all love receiving tax refunds, but what are the common reasons your refund isn’t as high?
A common query my office gets asked – Why do I need to pay PAYG if I am not employing anyone? Firstly, you need to decipher which PAYG the ATO wishes you to pay; PAYG Instalments or Withholding.
Let’s say you have the following scenario: Market rent for your investment property is $500 per week but you are a great friend or family member and renting out your property at $300 per week instead. Although it is very nice and welcome by the recipient – this does have tax consequences. Read on.