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By Cogger Gurry May 13, 2025
Scams are getting trickier, but there are some simple things you can do to keep your accounts safe: Use strong passphrases, not just passwords Instead of using the same password everywhere, try a passphrase—like a short sentence or four random words. Make it at least 14 characters long and mix in numbers, symbols, and upper/lowercase letters. Turn on Multi-Factor Authentication (MFA) MFA means you need more than just a password to log in—like a code sent to your phone or using your fingerprint. It makes it much harder for scammers to get in, even if they have your password. Keep your devices safe Lock your phone and computer with a passcode or biometrics (like Face ID). Set them to auto-lock if you leave them for a bit. Turn on “find my device” features so you can lock or erase your data if your device goes missing. Be suspicious of unexpected calls, emails, or texts If someone contacts you out of the blue, don’t rush. Don’t click on links or share personal info unless you’re sure it’s legit. Go directly to the organisation’s website and contact them using the official phone number or email. If you have any concerns or feel as though you may be a victim of a scammers, please contact us 03)5571 0111
By Cogger Gurry May 13, 2025
If you’re planning to upskill or undertaking professional development this year, you may be eligible to claim some of your self-education expenses in your 2024–2025 income tax return. You incur self-education expenses when you: • take courses at an educational institution (even if you don’t gain a formal qualification); • undertake training provided by an industry or professional organisation. • attend work-related conferences or seminars; or • do self-paced learning and study tours in Australia or overseas. Your self-education expenses need to have a sufficient connection to your current employment income in order to make a claim. This means that your study must either maintain or improve the specific skills or knowledge you use in your current role or be likely to result in increased income in your current role. If you meet the eligibility criteria you may be able to claim a deduction for: • tuition, course or seminar fees incurred in enrolling in a full fee paying place; • general course expenses (eg stationery, internet usage); • depreciation on assets like laptops; • transport costs between home or work and your place of study. • accommodation and meals when your course requires you to be away from home for one or more nights; or • interest on loans where you use the funds to pay for deductible self-education expenses. If you would like to know more, you can click Here
By Cogger Gurry May 13, 2025
In today's sharing economy, platforms like Airbnb have made it easier than ever to earn extra income by renting out a spare room or your entire home – but many Australians are unaware of the tax implications that come with these arrangements. The ATO has intensified its focus on all aspects of the sharing economy, particularly short-term rental arrangements, and has sophisticated data-matching capabilities with third-party platforms like Airbnb. This means they can identify discrepancies between what’s reported on your tax return and what the platforms' records show. When you rent out all or part of your residential property through digital platforms, the ATO requires you to declare this income on your tax return. Keeping meticulous records of all rental income earned is essential, as is maintaining documentation of expenses you intend to claim as deductions. One area where many property owners get caught out is capital gains tax (CGT). While your main residence is typically exempt from CGT, this exemption can be partially lost when you rent out portions of your home. The reduction in your exemption is calculated based on the floor area rented and the duration of the rental arrangement. This is a crucial consideration if you're thinking of selling your property in the future, as it could significantly impact your tax position. When it comes to deductions, you can claim a portion of expenses related to the rented space, including council rates, loan interest, utilities, property insurance and cleaning costs. The deductible amount depends on both the percentage of the property being rented and the duration of the rental period throughout the financial year. Platform fees or commissions charged by services like Airbnb are often 100% deductible, providing some relief against your rental income. As with all income items, you will need to maintain statements from rental platforms showing your income, along with receipts for any expenses you plan to claim. Without proper documentation, you risk having legitimate deductions disallowed during an ATO review or audit, potentially leading to additional tax liabilities. If your property is located in Victoria, the short stay levy of 7.5% of total booking fees may also apply.  Please contact our office if you have any questions or queries - 03) 5571 0111
By Cogger Gurry May 13, 2025
The way superannuation is paid may be about to undergo a significant transformation. The Labor government’s proposed “payday super” reforms would require employers to pay superannuation contributions within seven calendar days of every payday. Payday super is intended to apply from 1 July 2026, it’s important to understand what this could mean for you. For employers, the shift to payday super involves changes to administrative processes. Key considerations include: From 1 July 2026, super contributions must reach your employees’ funds within seven calendar days of their payday, whether you pay weekly, fortnightly or monthly. The ATO’s Small Business Superannuation Clearing House (SBSCH) will close from 1 July 2026. Employers who currently use it will need to transition to suitable payroll software. The superannuation guarantee charge (SGC) will be redesigned to include components such as notional earnings (interest on unpaid super), administrative uplifts, and choice loadings for non-compliance with fund choice rules. Importantly, both on-time and late super contributions would be tax-deductible, offering some financial relief to employers. You can read more about this Here
By Cogger Gurry May 13, 2025
You may be starting out in business and trying to decide whether to become a sole trader or to set up a company. Alternatively, you may already be an established sole trader and considering switching to become a company. Tax considerations are vital in deciding which of the two business structures is most suitable for you. The first practical difference is in relation to your tax return. As a sole trader, you simply add your business income and expenses to a separate business and professional items schedule in your individual tax return that you lodge each year. For a company, there’s a separate annual tax return, and tax to pay on the company’s income. Companies are subject to annual reviews by the Australian Securities and Investments Commission (ASIC), so financial records must clearly show transactions and the company’s financial position, and allow clear statements to be created and audited if necessary. A number of strict legal and other obligations need to be met. Tax returns for a company must clearly list the income, deductions and the liable income tax of the company. Also, directors and any employees of a company must lodge their own individual tax returns. There’s no tax-free threshold for companies – they simply pay tax on the amount they earn. This is at either the 25% or 30% company tax rate. To be eligible for the lower company tax rate of 25%, the company needs to meet strict requirements to be a base rate entity. One of the tests is that your company’s aggregated turnover for the relevant income year must be less than the aggregated threshold for that year – which since 1 July 2018 has been $50 million a year. For all companies that are not eligible for the lower company tax rate, the full company tax rate of 30% will apply. However, for sole traders, whose tax is assessed as part of the individual’s personal income, $18,200 is the tax-free threshold. Both sole traders and companies can: • Register for goods and services tax (GST) if your GST turnover is $75,000 or more, or you’d like to claim fuel tax credits; and regardless of your turnover, you must register for GST if you provide taxi, limousine or ride-sourcing services; and • Employ people, and if the business’s gross wages exceed the threshold set by your state or territory, then you will have to pay payroll tax. Both types of business also need to pay capital gains tax (CGT) if a capital gain has been made, but sole traders may be able to reduce this gain by what are known as the discount and indexation methods. The latter may also be used by some companies. Please contact our office if you have any questions . T: 03) 5571 0111 E: reception@coggergurry.com.au or make an online enquiry www.coggergurry.com . au/coggergurry_contact_us 
By Cogger Gurry April 15, 2025
Our office will be closed for the Easter Holiday from Friday the 18th till Monday the 21st April, reopening on Tuesday the 22nd April 2025 Everyone here at CoggerGurry would like to wish you all a safe and happy Easter break
By Cogger Gurry April 15, 2025
Our office will be closed for the Easter Holiday from Friday the 18th till Monday the 21st April, reopening on Tuesday the 22nd April 2025 Everyone here at CoggerGurry would like to wish you all a safe and happy Easter break
By Cogger Gurry April 15, 2025
The 2025–26 Federal Budget has reinforced the Albanese Government’s commitment to tax compliance, with a major boost in funding to the ATO to strengthen enforcement—including Fringe Benefits Tax (FBT). With that extra funding comes increased ATO scrutiny on employers. If you're responsible for FBT compliance, now’s the time to get your house in order. High-Risk Areas Under the ATO Microscope : 🚗 Car Fringe Benefits Incorrect vehicle classification (especially dual cab utes and SUVs). Invalid or poor-quality logbooks. Incorrectly treating private use (e.g. home to work, errands) as business use. Misuse of the statutory formula method. 🍽️ Meals & Entertainment Misunderstanding what qualifies as deductible vs. entertainment. Inadequate documentation for functions or staff events. Incorrect application of the "otherwise deductible" rule. ⚡ Electric and Plug-in Hybrid Vehicles From 1 April 2025 , PHEVs lose their FBT exemption unless: The car was in use before 1 April 2025, and There is a binding agreement to continue use post-1 April. Many employers are still unaware of these transitional rules. 🚨 What the ATO Is Watching Nil or non-lodged returns where fringe benefits were likely provided. Incorrect treatment of employee contributions . Mismatches between FBT and income tax reporting. Penalties can be up to 75% of the shortfall , so it pays to be proactive. ✅ What You Should Do Review the benefits you've provided in the 2025 FBT year. Reassess logbooks, vehicle use, and entertainment records. Seek advice on grey areas like PHEVs or meal benefits. Lodge and pay on time. 📞 Need help reviewing your FBT exposure before the deadline? Get in touch today—we’re here to help you stay compliant and penalty-free. Read more about this on our website HERE or give us a call on 03) 5571 0111 📅 Key FBT Dates for 2025 FBT year ends : 31 March 2025 Lodgment due (paper) : 21 May 2025 Lodgment due (tax agent) : 25 June 2025 Payment due : 28 May 2025
By Cogger Gurry April 15, 2025
Recent cyberattacks targeting accounts within industry superannuation funds have highlighted just how important it is for all of us to stay vigilant about online security. While no breaches have been reported among Self-Managed Super Funds (SMSFs), these incidents are a timely reminder that cybercriminals are becoming increasingly sophisticated—and no one is completely immune. What you can do to protect yourself: Use strong, unique passwords for each of your financial accounts Enable multi-factor authentication (MFA) wherever possible Regularly check your accounts for any unusual activity Be cautious of phishing attempts—never click on suspicious links or provide personal information via email or text Cybersecurity is everyone’s responsibility. A few simple precautions can go a long way in protecting your personal and financial information. If you want to find out more, please contact us on 03) 5571 0111
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