Insights

Perth businesses, like many across Australia, are feeling the pinch of the rising cost of living. From fuel and groceries to materials and rent, expenses are soaring, squeezing profit margins and testing our resilience. In this environment, every dollar counts. Here’s where the often-overlooked realm of accounting takes center stage. According to the Australian Bureau…

Individuals: Continuing its commitment to cost-of-living relief, Treasurer Jim Chalmers has announced significant changes to the Medicare levy low-income threshold, benefiting singles, families, seniors, and pensioners. The new thresholds where taxpayers do not pay the Medicare levy are: Superannuation: Starting 1 July 2026, employers must pay superannuation guarantee contributions concurrently with employees’ salaries and wages.…

Last night, Treasurer Jim Chalmers delivered the Federal Budget 2023-24. Here are the standout features for individuals and SMEs Individuals: In line with the Government’s approach to cost of living relief, the Treasurer has announced an increase in the Medicare levy low- income threshold which will apply to singles, families, seniors and pensioners. The thresholds…

Trusts are a legal arrangement in which assets are managed by one party (the trustee) on behalf of another party (the beneficiary). Trusts can be used for a variety of purposes, including asset protection, estate planning, and tax planning. One of the most common uses of trusts is to minimise the amount of tax that…

Self-managed superannuation funds (SMSFs) have become increasingly popular in Australia over the past few years, with more and more people looking for greater control and flexibility over their retirement savings. SMSFs are essentially private superannuation funds that are managed by individuals or a group of up to four members who act as trustees of the…