Accounting Archives - Page 2 of 2 - Holzworth Partners

6 Aug 2024

Understanding Tax Implications for Cryptocurrency

By Han Kieu

As cryptocurrency gains popularity, many investors remain uncertain about their tax obligations. Recent surveys highlight a significant gap in understanding, leading to the need for better compliance and record-keeping. The Australian Taxation Office (ATO) has established clear guidelines for taxing cryptocurrency, and non-compliance can result in significant penalties. Survey Insights According to the Independent Reserve Cryptocurrency Index, nearly 45% of Australian cryptocurrency investors do not fully understand their tax responsibilities. Additionally, 54% of participants have

15 May 2024

FEDERAL BUDGET SUMMARY 14 MAY 2024

By Jane Purnell

On the evening of 14 May 2024, the Government delivered what is possibly its last Budget in the current parliamentary term. The next election is expected to be held either late this year or early in 2025.Inflation, cost of living pressures, and housing all continue to dominate the fiscal landscape, impacting the lives of Australians. The key challenges addressed in this year’s Budget include:Easing cost of living and inflationary pressures,Building more houses,Strengthening Medicare and the care

8 Apr 2024

Tax Changes- What it will mean to me?

By Jane Purnell

Prime Minister Anthony Albanese has announced changes to address ongoing cost of living pressures with all 13.6 million Australian taxpayers receiving a tax cut from 1 July 2024, compared to the tax they paid in 2023-24. Now is the time to assess what it means to your hip pocket and what implications it may have for end of financial year planning as a result of the new rules, due from 1 July 2024. The Federal Government has

22 Sep 2023

Increased Funding for the Tax Office: What It Means for You

By Jane Purnell

The recent boost in funding for the tax office is set to bring about increased review activity, more ATO guidance, and expanded education campaigns. Understanding how the ATO plans to enhance tax revenue in the future is vital for your business's readiness. Here are our insights on the strategies the ATO might employ: Stricter Enforcement of Existing Laws: Expect further crackdowns based on existing legislation, such as ATO guidance on Division 7A and unpaid present

23 Aug 2023

What is the latest insight on interest rates? Is there relief in sight or only more pain?

By Mark Holzworth

Australian banks announced big profits over the past several weeks, and have been roundly criticised by many believing the fees charged (including interest rates) are excessive. What is not well known is that banks have passed on only 2.73% of the RBA’s (Reserve Bank of Australia) 4.00% rate increases since early 2022 as at June 2023. This has actually been a cushioning effect for borrowers. Banks have been competing aggressively and on average have not

13 Jul 2023

ESG (environmental, social impact and good governance) Investing – What is it, should you do it, and how to do it?

By Jane Purnell

There is increasing talk about the type of investing which considers environmental, social impact, and good governance (ESG) factors when making investment decisions. To understand if it is all just hype or whether its an important part of the future of investment let’s explore the topic. What is it? ESG factors can include things like a businesses' carbon emissions, its labour practices, and its board diversity. There are a number of reasons why investors might

3 Jul 2023

Ensuring the Completeness of Your Tax Return for a Smooth Process

By Jane Purnell

As we approach the tax season, the Australian Taxation Office (ATO) has released a statement that they would like to remind taxpayers to exercise caution and avoid rushing the lodgement of their annual income tax return from 1 July. It is important to note that taxpayers who submit their returns before their income statement is marked as 'Tax ready' and before their other pre-fill information is received run the risk of experiencing processing delays and

14 Jun 2023

2023 TAX STRATEGIES

By Jane Purnell

Investors and Small Business Superannuation Contributions There are important issues to be aware of regarding your contributions to superannuation this year. These will affect all those under 75 years of age making contributions to their superannuation for the 2022/23 financial year. Claim a tax deduction on your after-tax contributions. From July 2017, most individuals under 75 may claim a tax deduction for superannuation contributions made from their after-tax savings. Talk to us and we can

14 Jun 2023

2023 TAX STRATEGIES

By Jane Purnell

Individual Salary & Wage Earners Deductions you can claim When completing your tax return, you're entitled to claim deductions for selected expenses, most of which are directly related to earning your income. To claim a work-related deduction: You must have spent the money yourself and not have been reimbursed; It must be directly related to earning your income; and, You must have a record to prove it. *N.B. If the expense was for both