Will 2024-25 be another year of ups and downs or a return to calm

by C&N Accountants | Jul 11, 2024 | Business, Income Tax, Superannuation

Personal tax & super As you may be aware (thanks to the $40 million public education campaign), personal income tax cuts became effective on 1 July 2024. At the same time, the superannuation guarantee (SG) rate jumped by 0.5% to 11.5%. For employers, it’s...

Federal Budget 2024-25: Election Timing, Tax Cuts, and Energy Relief

by C&N Accountants | Apr 16, 2024 | Federal Budget, Income Tax

The 2024-25 Federal Budget marks the third round under the Albanese Government. As we’ve seen in past years, the big talk is about managing the cost of living pressures and steering the economy towards net zero emissions. Election expert Antony Green considers...

Revised stage 3 tax cuts confirmed for 1 July

by C&N Accountants | Mar 13, 2024 | Income Tax, Tax Planning

The revised stage 3 tax cuts have been approved by Parliament and will be effective from 1st July 2024. It is advisable to review any salary sacrifice agreements before the new tax rates take effect to ensure that they still align with your desired outcome.  If...

Understanding the Restructured Stage 3 Tax Cuts

by C&N Accountants | Jan 29, 2024 | ATO, Income Tax, Tax & Accounting, Tax Planning, Tax Refunds

The Federal Government has recently announced a realignment of the personal income tax cuts, initially legislated to commence on 1 July 2024. This realignment is part of a new proposal that seeks to redistribute the tax cuts more effectively. Overview of the Amended...

Exploring Self-Education Expenses: What’s Eligible and What’s Not

by C&N Accountants | Oct 11, 2023 | ATO, Income Tax, Tax Deductions, Tax Planning, Tax Refunds

The Australian Taxation Office (ATO) recently rolled out a fresh draft ruling concerning self-education expenses. Let’s dive into the intricacies of what you can or cannot claim when it comes to your educational pursuits. 1. Claiming Work-Related Study Expenses...

Exploring Subdivision? Unravelling the Complex Tax Implications and Potential Pitfalls

by C&N Accountants | Sep 22, 2023 | Capital Gains Tax, Income Tax, Land Tax, Property Investment, Property Investment Tips, Tax Planning, Tax Tips

So, you find yourself possessing a prime piece of land, perfect for a subdivision. You’ve done your homework, discussed the details with the Council, and builders, and secured financing from the bank. But, a critical aspect often goes overlooked – the tax...