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The Redesigned Stage 3 Personal Income Tax Cuts

The personal income tax cuts legislated to commence on 1 July 2024 will be realigned and redistributed under a proposal released by the Federal Government.

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What is Superannuation Guarantee (SG) and Superannuation Guarantee Charge (SGC)?

The superannuation guarantee charge (SGC) applies when employers don’t pay the minimum amount of superannuation guarantee (SG) for their eligible employees to the correct fund by the due date. The minimum SG is calculated as a percentage of each eligible employee’s earnings (ordinary time earnings) to a complying superannuation fund or retirement s...

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New Deduction for ‘Electrifying’ Your Business

Electricity is in - Gas and other fossil fuels are out. A new, limited incentive nudges business towards energy efficiency.

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30% Tax on Super Earnings Above $3m

On 28 February 2023, the Government announced from 1 July 2025 a 30% concessional tax rate will be applied to future earnings for superannuation balances above $3 million. A significant jump of 15%. The Treasury has now released draft legislation to enact the Government’s plan to increase the tax rate on earnings on superannuation balances above $...

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Fraudulent Tax Behaviour On The Rise

Ruddicks has seen a recent spike in MyGov scams, and viral ‘hacks’ to make fraudulent claims have shed light on an ever-growing problem in Australia.

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Changed Record Keeping Requirements to Claim Tax Deductions for Working from Home

The ATO has recently released tax guidance (PCG 2023/1) on claiming tax deductions for working from home. It is important to be aware of these changes so that you can keep the appropriate records to maximise your tax claims in your 2023 Tax Return. In particular, you need to keep accurate records of the actual hours you spend working from home sta...

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What the May 2023 Federal Budget Means for Business Owners

The 2023 Federal Budget was announced on Tuesday 9 May 2023, with a focus on cost-of-living relief and modernising our economy. See below for the key tax and superannuation changes for business owners.

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What the May 2023 Federal Budget Means for Individuals

The 2023 Federal Budget was announced on Tuesday 9 May 2023, with a focus on cost-of-living relief and modernising our economy. See below for the key tax and superannuation changes for individuals.

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Federal Budget - May 2023

The Federal Treasurer, Dr Jim Chalmers, handed down the 2023–24 Federal Budget at 7:30 pm (AEST) on 9 May 2023.

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Lodge on Time - Directors of a company can be personally liable for outstanding payments of Tax and Superannuation

An automated penalty is created for directors of a company the end of the day that their obligation is due. A Director Penalty Notice (“DPN”) is issued when no payment has been received for PAYG withholding and/or superannuation (SGC) debts within 3 months of the due date for lodgement.

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