The ATO will issue a Pay-As-You-Go (PAYG) instalment notice to a taxpayer based on the tax paid in the previous Financial Year but you are able to vary the PAYG instalment, depending on your circumstances.

The PAYG instalment issue usually rises when tax is payable on non-employment income such as back interest, share dividends, self-employment income, et cetera.  The ATO assumes the taxpayer will be earning the same level of income in the following Financial Year and so they issue the ...

Many home loan lenders are now actively seeking new business and they are willing to pay for it.

Some lenders will offer up to $4000 cashback paid to the borrower if they switch their home loan.  The borrower can use this money for whatever purpose they deem fit.

The new home loan lender may also have low upfront costs as well (some don't even have an Application Fee), so the whole process may be very quick and easy and cost-effective. But make sure you check the home loan details ...

Many families are suffering the devastating impact from the recent floods and they should not have to be concerned about ensuring there life insurance policies remain in force even if they cannot pay the premium for a short time.

Many life insurers are offering premium waiver benefits to their clients that have been impacted by the recent floods.  Some insurers will waive the premiums for up to two months.

If you need assistance meeting your life insurance premiums it is recommended yo...

From 1 July, 2022 employers will need to pay super for employees who earn less then $450 per month, which was not previously payable.

Employers need to contribute to the employee's super 10% of the employees gross income each financial year quarter.  The whole process can be complicated, so if you are unsure as to your obligations, the ATO has provided some guidance and an Employer Obligation Checklist.

McKinnon Financial Planning's Total Service Clients that utilise our bookke...

When you arrange a payment plan with the ATO you are charged interest rates which are likely much higher than the rate you can achieve in the market.

The ATO review their interest rate on a quarterly basis.  The most recent quarterly update for April – June 2022 was recently published, increasing the General Interest Charge (GIC) rate to 7.07%.

The GIC is applied for late payment of taxes and other obligations, is compounded daily, and tax-deductible.  However, an easy way a...