Tax Planning Archives - Page 2 of 2 - Holzworth Partners

14 Jul 2023

The End of the Low and Middle Income Tax Offset (LMITO)

Beware! Your tax refund may be significantly smaller than anticipated this year. With interest rates continuing to rise, fuel prices reaching record highs, electricity and gas costs skyrocketing, and the price of essential food items increasing, many individuals are relying on their tax refund to alleviate some of the burdens of living expenses. However, they might face disappointment. The government has implemented a significant change to the tax system this year that will exert downward

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