Temporary full expensing of assets extended
The availability of temporary full expensing of depreciating assets for business has been extended for another year until 30 June 2023. This measure …
SMSFs investing in crypto-assets: be informed and keep records
According to the Australian Securities and Investments Commission (ASIC), there has recently been a surge of promoters encouraging individuals to set …
ATO’s COVID-related support for SMSFs
Because of the financial impacts of COVID-19, trustees of a self managed superannuation fund (SMSF), or a related party of the fund, may provide or …
Federal Budget fuel excise reduction: will all businesses benefit?
The uncertainty around availability of fuel has seen fuel prices soar across Australia. The 2022–2023 Federal Budget proposed an answer for this by …
ATO urges vigilance: new TFN and ABN scams
The ATO is urging people and businesses to be vigilant following an increase in reports of fake websites offering to provide tax file numbers (TFN) …
Movement at the FBT station: COVID-19 tests, car parking
FBT is generally seen as a relatively slow-moving and quiet area of tax law. But Budget day this year saw some movement at the FBT station, …
Employees vs contractors: more clarity coming
For many businesses, the line between employees and contractors is becoming increasingly blurred, partly due to the rise of the gig economy. However, …
Superannuation: What you need to know in 2022
Super guarantee: rate rise unchanged The Budget did not announce any change to the timing of the next super guarantee (SG) rate increase. The SG rate …
Tax compliance and integrity
Digitalising trust income reporting The Budget confirms the Government’s previously announced intention to digitalise trust and beneficiary income …
Business Taxation
Deduction boosts for small business: skills and training, digital adoption The Government announced two support measures for small businesses …
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 …
Federal Budget 2022: Personal Taxation
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 …
FBT return action checklist
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 …
Contributions into SMSFs: minimum standards
There are many compliance obligations for trustees of self managed superannuation funds (SMSFs). One of the simplest but most important is ensuring …
Tax debts may affect business credit scores
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 …
Last chance to claim the loss carry-back
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. …
Natural love and affection: commercial debt forgiveness
The ATO has recently finalised its stance on the issue of commercial debt forgiveness – in particular, the “natural love and affection” exclusion. A …
Work-related COVID-19 tests may be deductible
After the recent furore over the non-existent supply of rapid antigen tests (RATs) and the reduced availability of polymerase chain reaction (PCR) …
Need more money in retirement?
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 …
Changes to recovery loan scheme for small and medium enterprises
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 …
Free mental health support for small business
The Federal Government has announced additional funding to extend the availability of free mental health support to small business owners dealing with …
COVID-19 vaccination rewards: tax implications
Amidst the Omicron COVID-19 wave and with our governments shortening booster dose intervals, many businesses are encouraging …
STP Phase 2 – What this means for you as an employer
The expansion of STP is intended to reduce reporting burdens for employers who need to report information about their employees to multiple government …
Introducing your Director ID requirements
From the 1st of November, Australian Company Directors are required by law to verify their identity with the Australian Business Registry Service and …
MySuper performance test results and new super comparison tool
This year marks the beginning of annual performance tests on MySuper products, run by the Australian Prudential Regulation Authority (APRA). The tests …
New stapled super changes coming for employers
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 …
Closing a business? Don’t forget the GST registration
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 …
State and territory COVID-19 support developments
Australian Capital Territory Expanded and additional support will be available for businesses affected by COVID-19 lockdowns, in the form of two grant …
Federal COVID-19 support developments
Additional financial support for child care providers The Prime Minister and the Minister for Education and Youth recently announced new support …
Reminder: Super changes for the 2021 financial year
The government’s long-slated “flexibility in superannuation” legislation is finally law. This means from 1 July 2021, individuals aged 65 and 66 can …