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ATO Cautions Against Early Release SMSF Scams

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The Australian Tax Office (ATO) is cautioning members of the public and SMSF trustees from engaging in illegal early release schemes. The schemes involve channelling super funds or assets into SMSFs in an attempt to grant people illegal access to their retirement benefits before they have qualified to do so.…

Australians’ Savings Dip as Cost of Living Surges

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More Australians appear to be financially struggling as the cost of living continues to rise. A survey undertaken by the website Compare the Market found that as much as 15% of people had no savings they could tap into in case of emergencies. On average, Australians are estimated to have…

Inflation Dips To 13-Month Low

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Australian Bureau of Statistics (ABS) data confirms that the consumer price index (CPI) has dropped to a 13-month low of 5.6%. This is the smallest increase in just over a year and is down from the 6.8% reported in April 2023. It is also lower than the market expectation of…

ATO Cautions Taxpayers Against Scammers

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As tax season gets underway, the Australian Tax Office (ATO) is advising accountants to warn their clients about possible scammers. The ATO has noticed an uptick in scammers seeking to impersonate the authority on social media platforms, where some taxpayers go to find assistance for their tax and super concerns.…

Inflation Drives Student Debt Rise

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It is tough news for Australians servicing student loans as the latest indexation to be applied will be the highest in the last three decades. The government does not charge interest on student loans but does apply an annual adjustment that keeps the debt in line with the rising cost…

Gender Divide to Widen with Tax Cuts

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Stage 3 tax cuts that are expected to take effect in 2024 will benefit men more than women. This is primarily due to the gender pay gap that has seen a higher proportion of men attain higher salaries through negotiations with management and not having to take time out of…

ATO Puts Landlords on Notice

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Landlords and their accountants have been forewarned of added scrutiny by the ATO regarding rental property deductions. The ATO appears to have made the issue a priority this year, alongside CGT and work-related expenses for work-from-home employees. ATO assistant commissioner, Tim Loh, said that the authority had identified common mistakes…

SMEs Urged to Take Up Energy Tax Incentive

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Treasurer Jim Chalmers has confirmed plans to introduce the Small Business Energy Incentive which will see small and medium enterprises (SMEs) rewarded with up to $20,000 in tax breaks for electrification and energy efficiency efforts. This tax incentive is set to be part of the upcoming budget and is expected…

Middle-Income Earners Warned of End to LMITO Relief

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The low and middle-income tax offset (LMITO), also referred to as the lamington offset, is a tax relief that an estimated over 10 million Australian taxpayers have enjoyed since the 2018-2019 financial year. Introduced by the previous Liberal government, it was due to end on 30 June 2022. The current…

Super Fund Satisfaction Declines

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Leading market research firm, Roy Morgan, has released its Superannuation Satisfaction report that indicates a decline in overall satisfaction with the super fund in February 2023. The results are based on findings from in-depth interviews with over 60,000 Australians. Satisfaction with super funds was found to have dipped by 5.4%…