H & H Solutions - Tax and accounting consultant

06/07/2023

STP Finalisation & Filing Tax Returns

If you operate a business and pay wages to staff, you need to finalise the Single Touch Payroll for FY 23 by 14 of July 2023.

Individuals who work as employees can lodge the tax returns upon finalisation of STP. Though tax returns can be lodged before finalisation, it is recommended to lodge post STP finalisation as it reduces the probability of amendment.

We can assist you with STP finalisation and lodging your returns. DM to get in touch.

28/06/2023

Eid Mubarak

19/06/2023

TAKE THE GUESS WORK OUT OF TAX TIME THIS YEAR If you use someone to prepare or lodge your tax returns, notices or statements, or to provide you with tax advice this tax time, make sure they are registered with the Tax Practitioners Board (TPB). Engaging with a registered tax practitioner ensures the...

17/06/2023

Medicare Levy and Medicare Levy Surcharge…

Medicare Levy 2% on your taxable income and majority of the Australians pay it every year. There are few exemptions or reductions such as international students, non-Permanent resident (one who do not have Medicare card), defence employees, low income earners and others.

Medicare Levy Surcharge is paid by single individual adjusted income ( income for Medicare levy surcharge) is more than $90,000 and couples more than $180,000 who are not covered by required private health insurance.

There are various other factors that will vary the Medicare levy and Medicare levy surcharge.

11/06/2023

Small business may see the change in instant asset write off threshold from 1 July 2023 to $20,000. This is not yet a law.

Temporary tax depreciation incentives that came in effect as a result of COVID will soon end.

If you are looking to buy any equipment and tool for business and can start using it before 30 June 2023, you may be able to fully expense it under the temporary tax depreciation incentives.

I can assist you, if you have any queries.

10/06/2023

Super Guarantee changes to 11% from 1 July 2022. But your concessional cap remains at $27,500.

You may end up paying additional tax if your income from employement is over $250,000.

Individuals with lower employment income can boost supper by using the concessional cap or carry forward concessional cap and may get a tax deduction under your personal tax return.

If you want a professional advice, we can assist you.

[email protected]

10/06/2023