Year End Planning Guide – June 2023
With 30 June fast approaching, we thought it would be an opportune time to provide you with a Year End Planning memorandum detailing key dates, recent reforms and tax planning opportunities for you and your business.
Budget 2023 – 2024
MGI Adelaide is pleased to present our summary of the recently released federal budget and its implications for our clients.
Federal Budget Update – October 2022
This first budget of the new Labor Government delivers a reallocation of resources and a shifting of focus by the government rather than any significant new measures. This budget is aimed at buffering the impact of global uncertainty being agitated by war, floods and the pandemic. Read our full budget analysis.
MGI Adelaide/CrowdProperty Australia
MGI Adelaide is hosting a live event on Wednesday 17 August 2022 for our SMSF and wholesale clients. Join us to hear from our superannuation services manager Michael Wang and our client, CrowdProperty Australia.
Extension of the JobKeeper Payment
Between April to May 2020, JobKeeper was taken up by 920,000 organisations and around 3.5 million individuals – 30% of pre-Coronavirus private sector employment. On 21 July 2020, the Government announced an extension of the JobKeeper program to 28 March 2021 but with tighter access and reduced rates. From 28 September 2020, employers seeking to […]
HomeBuilder: What is it and how do you access it?
The Government has announced grants of $25,000 to encourage people to build a new home or substantially renovate their existing home. The HomeBuilder scheme targets the residential construction market by providing tax-free grants of $25,000 to eligible owner-occupiers, including first home buyers, to build a new home or substantially renovate their existing home. The grants […]
Second Stimulus Package
Supporting Australian workers and business In a continued effort to support Australian businesses through the impact of the COVID19 pandemic the government has further stimulus measures today aimed at keeping the Australian economy going as smoothly as possible during these extremely challenging times. The enhanced stimulus package includes both increases in originally announced measures as […]
Tax Implications when you dispose of Cryptocurrencies
Written by Emily Baulderstone: Have you been taking part in the cryptocurrency market in recent years? If so, are you aware of the tax consequences of these transactions and what records you need to keep? The ATO have recently announced that they will be collecting data from cryptocurrency digital exchanges and data matching this with […]
Private Use of Work Vehicles
Written by Nick Fedele: During the last Fringe Benefits Tax (FBT) year, the Australian Taxation Office (ATO) released guidance outlining their compliance approach when determining whether the private use of eligible vehicles meet the requirements of the FBT car-related exemptions. Following public consultation, the ATO further strengthened its position by releasing updated guidance (PCG 2018/3) […]
Changes to Payroll Tax from 1 January 2019
From 1 January 2019, businesses with annual taxable Australia wide wages of up to $1.5 million are not required to pay payroll tax, and the payroll tax rate for taxable wages between $1.5 million and $1.7 million will be entitled to a reduced payroll tax rate. For businesses grouped for payroll tax, the $1.5 million […]
