Arrowhead Tax Accountants
Certified Practising Accountant

About Arrowhead Tax Accountants

We like to keep up to date with legislation and how it affects our clients. When we find something of specific interest to clients, we use this news area to publish an undersandable interpretation of what we have found and how it impacts clients.

Deduction Guidelines

Employer Obligations – Superannuation for Employees

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As of 1 July 2022, the rate of superannuation payable to employees is 10.5% an increase from 10 %. Employee superannuation will progressively increase to the Government’s policy of 12 % from 1 July 2025. The next increase to 11 % is required on the 1 July 2023.

Tax Deductions for Salary and Wage Earners

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Generally, as a rule, if you are regarded as an employee, you will be deemed to be a salary and wage earner. As a result, the expenses you incurred which give rise to tax deductions associated with earning your income must have a direct link to your income producing activities. The expenses cannot be incidental or incurred as a matter of convenience.

Rental Property Investments

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According to data sourced from the Australian Taxation Office rental income and deduction will always be closely monitored since 2.2 million Australians hold and investment property and claim over $50 billion in deductions each year. (ATO Year Ending 30 June 2019.)