Blog
Tax Alert: ATO targeting false laundry claims
22 July
The ATO has advised it will be targeting false clothing and laundry work-related expense claims this tax time. In 2018, around six million people claimed work-related clothing and laundry expenses totalling nearly $1.5 billion. Assistant...[Read More]
EOFY Alert: Tax saving strategies prior to 1 July 2019
21 June
A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year which will reduce overall taxable income in the current year. When prepaying expenses before 1 July 2019, ensure that any service...[Read More]
EOFY Small Business Alert: New rules for immediate write-offs
19 June
There are new simplified depreciation rules in force which entitle small businesses to an immediate deduction for low-cost assets in the year they are first used or installed ready for use for a taxable purpose. Thanks to recent changes, small...[Read More]
Smart Super Strategies for EOFY 2019
14 June
Want to help boost your retirement savings while potentially saving on tax? Here are five smart super strategies to consider before the end of the financial year. 1.Ā Ā Ā Add to your super ā and claim a tax deduction If you contribute some of...[Read More]
Tax Alert: ATO to target small business black economy
22 April
Cracking down on the 'black economy' will be a major focus for the ATO in the new financial year as it tries to reduce the $10 billion small business income tax gap. ATO Deputy Commissioner of Small Business, Deborah Jenkins, has noted that the...[Read More]
Tax Alert: ATO continuing to focus on the cash economy
8 April
This month ATO Assistant Commissioner Peter Holt announced thatĀ the 2019/20 financial year will see a continued focus by the ATO on the cash economy. Mr Holt noted, āBusinesses that pay cash in hand, or fail to lodge income tax or business...[Read More]
Tax Alert: Division 293 Assessments
25 February
The ATO is issuing Division 293 assessments for liabilities arising in the 2018 income year, requiring additional tax to be paid by affected individuals. Division 293 imposes an additional 15% tax on certain concessional superannuation...[Read More]
Tax Alert: ATO to send text messages
15 January
In the wake of increased tax fraud attempts, the ATO is advising that it may be sending SMS text messages directly to taxpayers. You may receive a text message if incorrect bank account details have been included in your tax returnĀ and you are...[Read More]
5 most common tax time mistakes
25 September
With Tax Time 2018 upon us, the ATO has prepared a guide of the five most common mistakes they see, as follows: leaving out some of income, such as forgetting a temporary or cash job, capital gains on cryptocurrency, or money earned from the...[Read More]
Our partnership with The Wealth Academy: Building financial awareness and knowhow in young people
20 August
Last year, OakWealth was approached by The Wealth Academy to help deliver programs to school students about money management. Headed by an ex-school principal, The Wealth Academy works to address the lack of resources and focus in schools on...[Read More]
Introducing… Terence Leong, Wealth Adviser
14 August
We are thrilled to have recently welcomed new OakWealth Wealth Adviser, Terence Leong, to the team. In this edition of our Getting to Know OakWealth series, find out more about who Terence is and what makes him tick! Terence joins us from a...[Read More]
Alert: Suburban scammers pushing illegal early access to super
7 August
The ATO has recently released an alert in relation to a new scam encouraging people to illegally access their super. They have advised that scammers are contacting people and providing advice that super can be accessed early (generally for a fee) to...[Read More]
What the super housing measures mean for SMSFs
14 July
If you are a member of a self-managed super fund (SMSF), don't forget that starting 1 July 2018 there are new housing measures you may be able to take advantage of. Here are the details in a nutshell: The First Home Super Saver...[Read More]
Introducingā¦ Steven Koo, Office Assistant
21 July
This month we welcomed Steven Koo as a member of our Office Assistant team. While many of you may already have met Steven over the years, we are pleased to be able to finally officially welcome him to the fold! If you haven't already put two and...[Read More]
Smart Strategies for EOFY 2017/2018: Superannuation
26 June
With 30 June fast approaching, we've put together five smart strategies that may benefit you now and help boost your super. Why is boosting your superannuation savings a good idea? There are tax and other benefits to...[Read More]