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Superannuation & the Budget

Author - Marcus Davis, Tax Specialist, WHK Albury

I want to make sure I am contributing as much into super as possible. What changes do I need to be aware of for the upcoming financial year?

If you haven't heard, there were several changes to superannuation announced in the budget last week which could affect the amount you contribute to super each year.

So, what are the changes?

The biggest change is the amount someone can contribute to super. Currently

Tax & my working holiday

Author - Marcus Davis, Tax Specialist, WHK Albury

I arrived here from the UK in September last year on a working holiday. I have been earning wages from a number of jobs and want to know what my tax obligations are?

If you are going to be in Australian for less than 2 years, then you will most likely be treated by the Tax Office as a non-resident. However, this means that you will still have tax obligations if you are earning any income.

Your first requirement

First Home Saver Accounts

Author - Marcus Davis, Tax Specialist

I heard the term "First Home Saver Account" referred to in the media last week, but am not sure what this is. As someone who is saving for their first home, is this something I should look into?

First Home Saver Accounts ("FHSA") are designed to help people to save for their first home.

To encourage savings, the Government will make an annual contribution to your FHSA equal to 17% of the total of your personal contributions (up

Adjustments for changes in Creditable Acquisitions

Author - Marcus Davis, Tax Specialist

A couple of years ago I bought a car which I use 100% in my business and claimed the GST on the purchase. My son has just got his driver's licence and is now using the car for some private purposes. Do I need to do anything for GST?

Like most things that relate to GST, there is never a simple answer.

As you originally purchased the car for use in your business then claiming the full amount of the GST

Record Keeping Requirements

Author - Marcus Davis, Tax Specialist

I am in the process of gathering my tax information and am wondering what receipts I need & how long I need to keep them?

From an income point of view, the types of documents you need include PAYG payment summaries, bank interest statements, dividend slips, real estate agent statements or any other record of your income.

However, the key area for most taxpayers is ensuring they have sufficient written records to substantiate