FBT Free – Electric cars
New legislation before Parliament, if enacted, will make zero or low emission vehicles FBT-free. We explore who can access the concession and how Electric vehicles (EV) represent just under 2% [...]
Tax and the family home
Everyone knows you don’t pay tax on your family home when you sell it…right? We take a closer look at the main residence exemption that excludes your home from capital [...]
ATO ramps up heat on directors
Throughout March, the ATO sent letters to directors who are potentially in breach of their obligations to ensure that the company they represent has met its PAYG withholding, superannuation guarantee [...]
What’s changing on 1 July 2022?
A series of reforms and changes will commence on 1 July 2022. Here's what is coming up: For business Superannuation guarantee increase to 10.5% The Superannuation Guarantee (SG) rate will [...]
Can I claim a tax deduction for my gym membership?
There are lots of reasons to keep fit but very few of them have to do with how we earn our income. As a result, a tax deduction for a [...]
The 120% deduction for skills training and technology costs
It’s a great headline isn’t it? Spend $100 and get a $120 tax deduction. Days after the Federal Budget announcement that businesses will be able to claim a 120% deduction [...]
COVID-19 Government Grants
We’ve summarised the key grants available now. Level 2 COVID-19 Business Assistance Package To be eligible for the Small Business Hardship Grants, businesses must: Have a valid and active Australian Business [...]
The 2022-23 Federal Budget
The 2022-23 Federal Budget is a safe, ballot box friendly Budget as expected with a focus on cost of living, home ownership, and health. Key initiatives include: A 6 month, [...]
Are Your Contractors Really Employees?
Two landmark cases before the High Court highlight the problem of identifying whether a worker is an independent contractor or employee for tax and superannuation purposes. Many business owners assume [...]
The ATO’s Attack on Trusts and Trust Distributions
Late last month, the Australian Taxation Office (ATO) released a package of new guidance material that directly targets how trusts distribute income. Many family groups will pay higher taxes (now [...]