Cost of living measures
One-off $250 cost of living payment The Government will make a $250 one-off cost of living payment in April 2022 to six million eligible …
One-off $250 cost of living payment The Government will make a $250 one-off cost of living payment in April 2022 to six million eligible …
Personal tax rates unchanged for 2022–2023 In the Budget, the Government did not announce any personal tax rates changes. The Stage 3 tax changes …
The Fringe Benefits Tax (FBT) year ends on 31st March, after which time the ATO reviews whether employers who should be paying FBT are actually paying …
There are many compliance obligations for trustees of self managed superannuation funds (SMSFs). One of the simplest but most important is ensuring …
The ongoing COVID-19 pandemic has caused uncertainty in many parts of the economic and has led to what many experts term a “two-speed economy”: while …
Businesses that need a little more financial help will have one last opportunity to claim the loss carry-back in their 2021–2022 income tax returns. …
The ATO has recently finalised its stance on the issue of commercial debt forgiveness – in particular, the “natural love and affection” exclusion. A …
After the recent furore over the non-existent supply of rapid antigen tests (RATs) and the reduced availability of polymerase chain reaction (PCR) …
Retirees who own their own home and need more money in retirement can now access the Home Equity Access Scheme, run through Services Australia. The …
As a part of an economic package to help businesses recover from the impacts of the COVID-19 pandemic, the Federal Government provided low-cost credit …
The Federal Government has announced additional funding to extend the availability of free mental health support to small business owners dealing with …
Amidst the Omicron COVID-19 wave and with our governments shortening booster dose intervals, many businesses are encouraging …
The expansion of STP is intended to reduce reporting burdens for employers who need to report information about their employees to multiple government …
From the 1st of November, Australian Company Directors are required by law to verify their identity with the Australian Business Registry Service and …
This year marks the beginning of annual performance tests on MySuper products, run by the Australian Prudential Regulation Authority (APRA). The tests …
Employers get ready – there’ll soon be an extra step involved when it comes to hiring new employees. From 1 November 2021, employers will need to …
If the current prolonged lockdowns and economic conditions have prompted you to sell or close your business, it’s important to be aware of the need to …
Australian Capital Territory Expanded and additional support will be available for businesses affected by COVID-19 lockdowns, in the form of two grant …
Additional financial support for child care providers The Prime Minister and the Minister for Education and Youth recently announced new support …
The government’s long-slated “flexibility in superannuation” legislation is finally law. This means from 1 July 2021, individuals aged 65 and 66 can …
The government is seeking to legislate compulsory reporting of information for sharing economy platforms in order to more easily monitor the …
Under the COVID-19 early release measures nearly 4.8 million requests were made – resulting in $39.2 billion being released from Australian’s …
This tax time, the ATO is again closely monitoring claims in relation to rental properties. The ATO has data-matching programs in place that collect …
Allowing small businesses to pause disputed ATO debt recovery The Government will introduce legislation to allow small businesses to pause or modify …
Temporary full expensing: extended to 30 June 2023 The Government will extend the temporary full expensing measure until 30 June 2023. It was …
Superannuation contributions work test to be repealed from 1 July 2022 The superannuation contributions work test exemption will be repealed for …
Personal tax rates unchanged for 2021–2022 In the Budget, the Government did not announce any personal tax rates changes, having already brought …
Having insurance through superannuation can be a tax-effective and cost-effective way of protecting yourself and your loved ones. Most funds offer …
The ATO is reminding owners of businesses that provide various services to lodge their taxable payments annual report (TPAR) for the 2019–2020 income …
If your business has provided any benefits to your employees, you may be liable for fringe benefits tax (FBT). This includes benefits to current, …