New legislation allows exemptions from paying Fringe benefits tax (FBT) on private use of electric vehicles which meet certain conditions. This article will help you make an informed decision on your next vehicle purchase, exploring the pros and cons and providing any necessary information. What is accepted…and the conditions: The first barrier to the exemption,
If you are an employer, then you will no doubt be aware of Single Touch Payroll (STP) and your obligations to be compliant to the STP2 changes that all employers must complete before 31st March 2023. The Government announced in the 2019-20 Budget, that Single Touch Payroll (STP) would be expanded to include additional information.
The Australian Taxation Office (ATO) has recently revised the fixed rate method for claiming working from home deductions. Previously, the fixed rate was 52 cents per hour and covered only running expenses for home office use. However, the new rate has been increased to 67 cents per hour and now includes additional expenses such as
An economic outlook was presented by the Chief Economist for KPMG Australia – Dr Brendan Rynne at The Urban Developer’s ‘Queensland Property & Economic Outlook’ event recently. He is in the 20% of Australian economists that believes there will be no recession in the technical terms (two consecutive quarters of negative growth in real GDP),
HAVE YOUR AVO AND EAT IT TOO! Saving for a house deposit is the ultimate fun sponge, with many Australians sacrificing years of smashed avo to scrimp and save that hefty 20% deposit. But as a doctor, did you know Walshs has exclusive arrangements with banks to offer speciality deals for medical professionals, including 5%
As a newly self-employed doctor, there are a significant number of considerations that need to be worked through, for example; registering for GST, managing practice obligations, managing tax liabilities and finding new patients. Often, growing wealth at this time can be difficult or become a low priority. When moving into private practice, you become self-employed
Before you go knocking on the bank’s door for a million-dollar mortgage, it’s a wise idea to spend a few months boosting your borrowing power. That’s the word from Walshs Mortgage Broker Grace Lee, who says it’s possible to magnify your borrowing power – or the amount a lender will hand over – based on
The Ruling On the 22nd of December, the QLD Office of State Revenue (QRO) issued a Public Ruling (Payroll Tax Ruling PTAQ000.6.1), which specifically deals with the application of payroll tax to medical centres. A link to this ruling can be found here. The intent of the ruling was to provide further guidance on the
Insurance might not always be front of mind, but it’s important to review your policies regularly to make sure you’ve got the right cover. Whatever your mix of cover — life, total and permanent disability, income protection and trauma — insurance can be an important part of protecting yourself and your family, now and into
Are you a stickler for a certain supermarket, or do you like to shop around for the best buys? Whether you’re an Aldi aficionado or a Coles crusader, sometimes it pays to scour the specials – and the same principle applies to your home loan. With interest rates and policies fluctuating between banks, it might
