Insights
Welcome to the Saab Partners blog, your one-stop source for the latest insights, trends, and expertise in the world of accounting and financial services. Join us as we navigate the ever-changing landscape of finance, empowering businesses and individuals through strategic partnerships and unparalleled expertise.
What Changed on 1 July 2023
Employers & business Superannuation guarantee increases to 11% from 10.5% National and Award minimum wage increases take effect. The minimum salary that must be paid to a sponsored employee - the Temporary Skilled Migration Income Threshold - increased to...
Backing a Winner: Digital Games Tax Break
The digital games and interactive entertainment sector is the largest creative sector in the world and one of the fastest growing industries worldwide. The global digital games industry is worth around $250 billion and in Australia, grew 22% between 2020 and 2021 generating $226.5 million in income and employing over 1,300 fulltime workers. And, it’s an industry the Government wants to support with a new tax offset.
The 120% Technology and Skills ‘Boost’ Deduction
The 120% skills and training, and technology costs deduction for small and medium business have passed Parliament. We’ll show you how to take maximise your deductions. Almost a year after the 2022-23 Federal Budget announcement, the 120% tax deduction for...
2023-24 Budget Guide ‘Ace in the Hole’
Disclaimer The information contained herein is provided on the understanding that it neither represents nor is intended to be advice or that the authors or distributor is engaged in rendering legal or professional advice. Whilst every care has been taken in its...
Access to home guarantee scheme expanded
Access to home guarantee scheme expanded to friends and siblings From 1 July 2023, access to the Government’s Home Guarantee Scheme will be expanded to joint applications from “friends, siblings, and other family members” and to those who have not owned a...
Question of the month: Company loan to pay mortgage
A friend’s accountant suggested that they could reduce interest on non-deductible debt by using company cash to offset their personal mortgage, then transferring the cash back by 30 June. Is this an acceptable strategy?
ATO Rental Property Blitz
The Australian Taxation Office (ATO) has launched a full-on assault on rental property owners who incorrectly report income and expenses. The ATO’s assessment, based on previous data matching programs, is that there is a tax gap of around $1 billion from incorrect...
$20k Small Business Energy Incentive
In a pre-Budget announcement, the Government has committed to a Small Business Energy Incentive Scheme that offers a bonus tax deduction of up to $20,000.
Navigating STP Phase 2: Are You Compliant with ATO Changes?
The Australian Taxation Office (ATO) made Single Touch Payroll Phase 2 mandatory at the beginning of last year. As of January 2022, businesses of all sizes must comply with STP Phase 2 when reporting their payroll data.