Tax
The top 5 advantages of home ownership
28 December
Your decision to purchase a new house is a significant life event, and the thought of becoming a homeowner might be a little intimidating. However, homeownership brings with it several advantages, including the freedom to design your home as you...[Read More]
Managing Finances and Lifestyle Activities Across the Four Phases of Retirement
2 November
Retirement is a complex period divided into various phases, each with its own set of financial requirements and lifestyle considerations. Understanding how to budget for each stage can help you make the most of your post-career...[Read More]
5 advantages of home ownership
24 August
Your decision to purchase a new house is a significant life event, and the thought of becoming a homeowner might be a little intimidating. However, homeownership brings with it several advantages, including the freedom to design your home as you...[Read More]
End of financial year tax tips
1 June
July 1st is fast approaching, and we all know what that means. Yes, it’s tax time. Unfortunately, filing taxes can be a laborious, frustrating, time-consuming, and somewhat overwhelming process for some of us. However, for others, filing their...[Read More]
OakWealth Federal Budget Update 2023
10 May
The 2023 Federal Budget focuses on providing cost of living relief through lower power bills, higher welfare payments and more support for small business and housing. Note: These changes are proposals only and may or may not be made law. Cost...[Read More]
Why is it important to discuss inheritance planning with your family
4 February
While most people write wills, very few families discuss inheritance. Parents avoid discussing inheritance planning with their children due to the subject’s sensitivity. However, avoiding the conversation does more harm than good. For example,...[Read More]
Alert: JobKeeper Payment Phone Scam
18 May
Keep vigilant! The ATO is warning that it is receiving reports of scammers pretending to be from the ATO calling members of the public and asking them to provide their bank account details. The scammers are telling them that their employer has...[Read More]
ATO announces short cut method for claiming home office running costs
20 April
The ATO has announced a temporary simplified short cut method to make it easier for individual taxpayers to claim deductions for additional running expenses incurred (e.g., additional heating, cooling and lighting costs) as a result of working from...[Read More]
ATO audits continuing to target lifestyle assets
21 February
The ATO has revealed it will request a further five years’ worth of policy information from over 30 insurance companies about taxpayers who own marine vessels, thoroughbred horses, fine art, high-value motor vehicles and aircraft. Insurers...[Read More]
ATO to put brakes on dodgy car claims
21 August
The ATO has advised work-related car expenses will be a key focus again this tax season. Assistant Commissioner Karen Foat said over 3.6 million people made a work-related car expense claim in the 2017/18 financial year and this amount to more...[Read More]
ATO’s Lifestyle Assets Data Matching Program
29 July
The ATO has released details of their "Lifestyle assets 2013-14 and 2014-15 financial years data matching program protocol". They will obtain information on insurance policies for certain classes of assets, including marine vessels, enthusiast...[Read More]
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. Add to your super – and claim a tax deduction If you contribute some of...[Read More]