Taxation

The federal budget, handed down last night, contained a number of tax, superannuation, and social security/cost of living proposals including: The end of temporary full expensing Small business energy initiative Crackdown on unpaid tax and superannuation No change to stage 3 tax cuts Confirmation of an extra 15% tax on super ‘earnings’ for account balances […]

Do you operate your business via a family trust? If so, there is good news on the tax distribution front. The ATO, via a decision impact statement, has now conceded that it will have to amend its position on trust distributions. In the Guardian appeal, the Full Federal Court rejected the ATO’s position reimbursement agreements and

TThe ATO has finalised its new compliance guidance around the requirements for work-from-home deductions.  The fixed rate method has now been revised. The revised method increases the claim from 52 cents to 67 cents per-hour. However, this rate now includes internet, phone, stationery and computer consumables. The record-keeping requirements under the revised fix rate method are now

The ATO has released its final guidance material on trust distributions which may particularly impact those who operate a family trust. To recap, in February 2022 the ATO updated its guidance around trust distributions made to adult children, corporate beneficiaries and entities that are carrying losses. Depending on the structure of these arrangements, potentially the

Christmas is traditionally a time of giving, including employers showing gratitude to their workers for a job well done throughout the year, also to customers, contractors, and suppliers. However, depending on the nature and value of the gift, and also who the gift recipient is, such magnanimity can attract unwanted income tax, fringe benefits tax

Is your estate plan in order? Estate planning is ultimately about ensuring that you have the right mechanisms in place to ensure that, in the event of your death, your assets pass in the manner that you intend. The steps in the process involve identifying the assets in play – this could involve savings accounts,

With interest rates rapidly increasing, homeowners are being encouraged to look around for a better deal on their home loan. ASIC has recently released some tips if you are doing so. These include asking your existing lender for a better deal, negotiating the length of your new loan, factoring in the cost of possible lender

During COVID-19, the ATO took a softly-softly approach to debt collection, acknowledging the financial impacts of the pandemic. However, with the economy now opening back up, firmer debt collection practices are resuming, including garnishees, recovery of director penalties, disclosure of business tax debts,and legal actions including summons, creditors petition, wind-up and insolvency action. Do you or your business have

As we move towards the end of the 2021/22 financial year, there are a number of year-end income tax planning opportunities that may be available to optimise your tax position. Find Out More

If you are a ride-sharing driver (such as with Uber) or if you are a rider, there is a raft of tax issues to be aware of from both standpoints. From GST, income tax, deductions, and PAYG withholding…we’ve got it all covered. Please contact us for clarification, or further advice, regarding any of the topics