Insights & Resources

Insights & Resources

Your chance to tap into the collective wisdom of the CSCG team, with lively, informative articles that give you opinions and knowledge on a wide range of financial industry issues relevant to you. Always a good read! Full of articles that will inform, energise, and educate. Anything you see that takes your eye, just call us!

JULY PRACTICE UPDATE

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ATO's 'main residence exemption tips' The main residence exemption needs to be considered in a variety of situations when a taxpayer sells a property they have lived in. The ATO hopes that the following tips will help in this regard: Taxpayers should consider if they have started earning income from their home (in which case they may need to get a ...

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JUNE PRACTICE UPDATE

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ATO's three focus areas this tax time The ATO will be taking a close look this 'tax time' at the following common errors made by taxpayers:Work related expenses: Taxpayers using the 'revised fixed rate method' of calculating a working from home deduction must have comprehensive records to substantiate their claims, including records that show the a...

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May Practice Update

Government warns of 'malicious' myGov scammers The Government has urged Australians to be vigilant regarding scammers who target ATO log-in details to commit tax fraud.The ATO has received a large number of reports of scammers using fake myGov sites to steal myGov sign-in details, which can be used to commit tax and refund fraud in other people's n...

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MARCH PRACTICE UPDATE

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Super contribution caps to rise The big news story for those contributing to super is that the contribution caps are set to increase from the 2025 income year. The concessional contribution cap will increase from $27,500 to $30,000.This 'CC' cap is broadly applicable to employer super guarantee contributions, personal deductible contributions and s...

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FEBRUARY PRACTICE UPDATE

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Government announces changes to proposed 'Stage 3' tax cuts Despite previous assurances, and after much speculation, the Government has announced tweaks to the 'Stage 3' tax cuts that will apply from 1 July 2024. More particularly, the Government proposes to: reduce the 19% tax rate to 16%;reduce the 32.5% tax rate to 30% for incomes between $45,00...

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NOVEMBER PRACTICE UPDATE

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Tax issues for businesses that have received a support payment Taxpayers who have received a government support grant or payment recently to help their business recover from COVID-19 or a natural disaster should check if they need to include the payment in their assessable income. Grants are generally treated as assessable income, and taxpayers may...

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OCTOBER PRACTICE UPDATE

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Taxpayers need to get their 'rental right'  The ATO reminds rental property owners and their tax agents to take care when lodging their tax returns this tax time. When preparing their tax returns, taxpayers should make sure all rental income is included, including income from short-term rental arrangements, renting part of a home, and other re...

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SEPTEMBER PRACTICE UPDATE

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Appointing an SMSF auditor The ATO reminds SMSF trustees that they need to appoint an approved SMSF auditor for each income year, no later than 45 days before they need to lodge their SMSF annual return. An SMSF's audit must be finalised before the trustees lodge their SMSF annual return, as the trustees will need some information from the audit re...

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AUGUST PRACTICE UPDATE

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Claiming GST credits for employee expense reimbursements Employers may be entitled to claim GST input tax credits for payments they have made to reimburse employees for expenses that are directly related to their business activities. A 'reimbursement' is provided when a taxpayer pays their employee the amount, or part of the amount, of a particular...

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JULY PRACTICE UPDATE

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The super guarantee rate is increasing  Businesses that have employees, or hire eligible contractors, will need to ensure that their payroll and accounting systems are updated to reflect the new super guarantee rate of 11% for payments of salary and wages that are made from 1 July 2023.Businesses need to calculate super contributions at 11% fo...

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June practice update - 2023/24 budget update

On 9 May 2023, Treasurer Jim Chalmers handed down the 2023/24 Federal Budget. Some of the measures announced by the Government (including some which were actually announced prior to the Budget), include: from 1 July 2026, employers will be required to pay their employees' superannuation at the same time as their salary and wages;providing businesse...

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2023/2024 Federal Budget Overview

The 'ace in the hole' of the 2023-24 Federal Budget was the $4.2bn surplus; the first in 15 years driven by a surge in the corporate and individual tax take. Key measures include: Energy bill relief for some households and small businessEncouraging doctors to offer bulk billing by tripling the incentive for children under 16, pensioners and other C...

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May Practice Update

Last chance to claim deductions under temporary full expensing Deductions under 'temporary full expensing' are only available in the 2021, 2022 and 2023 income years, and are expected to come to an end on 30 June 2023.Taxpayers can choose to opt out of temporary full expensing for an income year for some or all of their assets, and claim a deductio...

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APRIL PRACTICE UPDATE

APRIL PRACTICE UPDATE

How to claim working from home expenses Taxpayers who have been working from home this financial year, and who consequently incurred work-related expenses, have two ways to calculate their work from home deduction: the actual cost method; orthe fixed rate method. Using the fixed rate method, taxpayers can claim a rate of 67 cents per hour worked at...

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APRIL PRACTICE UPDATE

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How to claim working from home expenses Taxpayers who have been working from home this financial year, and who consequently incurred work-related expenses, have two ways to calculate their work from home deduction: the actual cost method; orthe fixed rate method.Using the fixed rate method, taxpayers can claim a rate of 67 cents per hour worked at ...

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Business Tax Planning – Why pay more tax than you legally need to?

Tax planning is an investment in your business success – because when it comes to tax, what you don't plan for can hurt your business. If you suspect you may be paying more tax than you legally need to, book a Tax Planning review with your client relationship manager What is business tax planning? Business tax planning involves reviewing your busin...

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March Practice Update

Significant change to claiming working from home expenses Before 1 July 2022, an individual taxpayer that incurred additional deductible expenses as a result of working from home, had a choice of three methods to claim these expenses. These choices were:The shortcut method – which was available from 1 March 2020 to 30 June 2022;The fixed-rate metho...

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February Practice Update

Super Guarantee Contributions for the December 2022 quarter A reminder to employers that their December 2022 superannuation guarantee ('SG') contributions were due by 28 January 2023. Do not forget the two changes to SG that commenced on 1 July 2022: the rate increased from 10% to 10.5%employees no longer need to earn $450 per month to be eligible....

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Welcome to 2023! Let's start the year right.

We hope you enjoyed your Christmas & New Year period with family and friends. Its hard to believe we're nearly half way through January when it feels like the year only just started. It's the start of a new year, which means now is the time to set yourself up for success in 2023.At CSCG we are jumping right into the new year with our focus rema...

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CSCG Business Update - New paid family & domestic violence leave

Employees will soon be able to access 10 days of paid family and domestic violence leave in a 12-month period. Key points Full-time, part-time and casual employees will be able to access 10 days of paid family and domestic violence leave in a 12-month period. It won't be pro-rated for part-time or casual employees.The full 10-day leave entitlement ...

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© 2023 CSCG. All rights reserved. Designed by Beyond Social
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