Refund Fraud
While most people do the right thing, a small number of people who engage in refund fraud will be held to account by the Australian Taxation Office (ATO). Examples of refund fraud Refund fraud is when a person claims a…
Rate rises and the effect on your cash flow
This year may see many families struggle financially. Since May this year, the RBA has lifted cash rates from 0.1% to 0.85% amid rising inflation and costs. For an increasing number of retirees who have left the workforce with mortgage…
Is property a good investment for retirement?
Life after the nine-to-five routine can be equally exciting and intimidating, knowing that you’ll no longer receive a regular income from your employer. While relying on superannuation and the Aged Pension may have once been the norm, with an ageing…
What information is important when preparing your Tax Return
The key areas that the Australian Taxation Office (ATO) will be focusing on when you complete your 2021-2022 Tax Return are: Recordkeeping Work-related expenses Rental property income and deductions; and Capital gains from crypto-assets, property, and shares When determining what…
End of financial year for Small Businesses
The end of the financial year for a small business is an important time. There are many things to complete such as bookkeeping, tax returns and planning for the new financial year. Learn how to prepare for the EOFY to…
How will the changes to Superannuation Guarantee (SG) affect you
From 1st July 2022, two important Super Guarantee (SG) changes will apply: the rate of SG is increasing from 10% to 10.5% the $450 per month eligibility threshold for when SG is paid will be removed. What does this means…
Rental property repairs, maintenance, and capital expenditure
Repairs and Maintenance The cost of repairs and maintenance may be included in full in your tax return in the year you incur them if both: the expense directly relates to wear and tear or other damage that has occurred…
Tax Return Lodgment reminder for Child Care Subsidy and Family Tax Benefit
If you have not lodged your 2021 Individual Tax Return by 30 June 2022, Services Australia may stop your access to your allocated Child Care Subsidy (CCS). This will mean that you will have to pay the full cost of…
Fiducian Economic April 2022 Commentary
The global economy has slowed in recent weeks. The International Monetary Fund (IMF) in its latest report (April), explained that ‘global economic prospects have worsened significantly’, noting that ‘the outlook has deteriorated largely because of Russia’s invasion of Ukraine’. This…
Transition to Retirement
Have you been thinking about retiring or reducing your hours worked that you are currently working. Starting your journey to financial freedom for retirement is never easy but you’re not alone. Fiduciian Financial Services are always here to help guide…