Richards Financial

News

Jul 24, 2024

EARNED AN INCOME FROM THE SHARING ECONOMY?

It’s essential that any income earned from sharing economy platforms such as Airbnb, Stayz, Uber, etc., is declared in your tax return.

Jul 17, 2024

IS YOUR FAMILY HOME REALLY TAX FREE?

The main residence exemption exempts your family home from capital gains tax (CGT) when you dispose of it.

Jul 10, 2024

$20K INSTANT ASSET WRITE-OFF PASSES PARLIAMENT

Legislation increasing the instant asset write-off threshold from $1,000 to $20,000 for the 2024 income year passed Parliament just 5 days prior to the end of the financial year.

Jul 04, 2024

5 million+ struggle with mortgage payments

47% of Australian adults with debt - struggled to make repayments in the last 12 months

Jun 14, 2024

ATO FIRES WARNING SHOT ON TRUST DISTRIBUTIONS

The ATO has warned that it is looking closely at how trusts distribute income and to who.

Jun 13, 2024

YEAR END SUPER!!

If you want super contributions to be included in the 2023-24 financial year (for tax deductibility) the contributions need to reach the super funds by 30 June 2024.

Jun 07, 2024

THE ESSENTIAL 30 JUNE GUIDE

The end of the financial year is fast approaching. We outline the areas at risk of increased ATO scrutiny and the opportunities to maximise your deductions.

May 30, 2024

QUOTE OF THE MONTH

May 23, 2024

ACCESSING MONEY IN YOUR SMSF

The ATO has made a call to professional accountants to help identify and manage illegal early access to superannuation by members of self-managed superannuation funds (SMSFs).