Tax advisory Archives

MGD Tax update | February 2021

25 February 2021
Here is our MGD Tax update containing up-to-date, relevant, and practical tax-related information, updates, and news. Our update contains helpful information specifically related to COVID-19 measures, what the ATO has been up to, other news, and key tax dates. Read on to find out information related to the JobMaker Hiring Credit, JobKeeper, two temporary measures to encourage business investment, varying PAYG instalments, and more.

MGD Tax update

17 December 2020
In light of the recent Federal Budget announcement and the ongoing economic stimulus measures for individuals and businesses affected by COVID-19, here is our MGD Tax Update containing up-to-date, relevant, and practical tax-related information, updates, and news. Our update contains helpful information specifically related to small- to medium-sized businesses, including budget measures now law, a JobKeeper update, business tax tips, boosting apprenticeship commencements, and key tax dates.

ATO’s sights set on unreported foreign income

8 October 2019
By Ling Dias
The ATO has reminded taxpayers to report all foreign income this tax time or risk facing hefty penalties. This includes but is not limited to income derived from work, investments or family members. The call for accurate reporting comes off the back of recently implemented international data sharing agreements.

Should I make an extra mortgage repayment or contribute more to super?

11 July 2019
By Rachel Barlow
This is a question we’re commonly asked. The answer depends on a number of factors and both options have advantages and disadvantages.

Planning for the high costs of education

2 July 2019
By John Barton
When it comes to raising kids, there’s not much that’s as important as ensuring they receive a good education. So, whether you’re thinking about your children or your grandchildren, ensuring you’ve thought ahead – particularly in relation to who you intend to pay for the inevitable costs – is paramount.

Your PAYG and STP obligations: an important note for business owners

10 June 2019
By Stanley Feng
From 1 July 2019, key changes will be introduced with respect to PAYG withholding and reporting as well as single touch payroll. In this article, we have outlined what this means for you and what you need to do to ensure you remain compliant as we approach the new financial year.

Federal Budget 2019: Tax

2 April 2019
The Federal Treasurer, Mr Josh Frydenberg, handed down the 2019/20 Federal Budget at 7:30 pm (AEDT) on 2 April 2019. The budget focuses on “restoring the nation's finances”, further strengthening the economy to create more jobs and to “guarantee the essential services”. The tax highlights include...

What Labor’s franking credit overhaul means for you

14 January 2019
By Stanley Feng
Last March, the Labor Party announced its highly controversial plan to axe cash refunds for excess franking credits from 1 July 2019, if elected. In this article, we look at how franking credits work and what investors can do.

Undisclosed offshore income and assets? It’s time to get some advice.

20 November 2018
By Brett Schmidt
The Common Reporting Standard (CRS) is the latest weapon available to global tax authorities in their fight against international tax evasion...

MGD announces leadership appointment

3 July 2018
Boutique Brisbane-based financial services firm MGD has announced the appointment of Senior Client Adviser, Stanley Feng, to the partnership of the firm, effective immediately.

ATO car claims crackdown

19 June 2018
By Ling Dias
As 30 June approaches, the Australian Taxation Office (ATO) is making it clear that they will be keeping a close eye on work-related car expenses as part of a broader focus on work-related expenses. This article serves as a reminder to taxpayers about what they can and cannot claim for when tax time comes to ensure no penalties are applied for failing to take reasonable care.

Federal Budget 2018 – Taxation

8 May 2018
Mr Scott Morrison, the Federal Treasurer, handed down his third Budget on 8 May 2018. Mr Morrison said the Budget is focused on further strengthening the economy to “guarantee the essentials Australians rely on” and “responsibly repair the budget”. The tax highlights include...

Tax and super planning for end of financial year

26 April 2018
With 30 June 2018 rapidly approaching, now is the time to review your financial position and consider any tax or super strategies that could boost your retirement savings, maximise Government entitlements, avoid potential penalties and ultimately, reduce your tax payable.

10 super and tax planning tips for end of financial year

31 May 2017
By Renee Black
Here we share ten superannuation and taxation planning strategies you may want to consider in order to boost your retirement savings, maximise Government entitlements, avoid potential penalties and ultimately, reduce your tax payable before end of financial year.

Federal Budget 2017 – Taxation

9 May 2017
Key business and personal tax points to note from the Federal Budget 2017 announcement, including an extension to the $20,000 instant asset write-off for small business...

Education Bonds: investing for children and grandchildren

21 February 2017
By Andrew Proudfoot
Last week, we introduced the concept of an insurance bond for tax-effective saving outside superannuation. We also touched on a unique sub-class of insurance bonds, known as education bonds, which can be used to invest for your child/grandchild’s future in a tax-effective way and to make certain educational expenses tax deductible.

The next best tax structure outside superannuation

7 February 2017
By Andrew Proudfoot
Superannuation has long been hailed as the best tax structure in Australia. However, it isn’t the only long-term investment option available and with the impending legislative changes limiting how much can be entered and invested into super, now is a good time to review the next best option.

Library

Tax advisory