Lessons from a data breach
The Optus data breach is top of mind for a lot of Australians, particularly those who have had their data breached.
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The Optus data breach is top of mind for a lot of Australians, particularly those who have had their data breached.
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 gains tax.
One of the biggest complaints from salespeople in a tight economy is the time it takes to achieve a sale. So, what can you do to speed up the sales process?
The Government has reinvigorated the 120% skills training and technology costs deduction for small and medium business.
Clients with self managed superannuation funds (SMSF) often ask what assets the SMSF can acquire. The golden rule for acquiring assets inside your SMSF is why?
Climate change featured heavily during the election and now the Albanese Government is putting into place some of the promises it made.
New legislation before Parliament, if enacted, will make zero or low emission vehicles FBT-free. We explore who can access the concession and how.
The ATO has released updated information on claiming cryptocurrency losses and gains in your tax return.
The RBA lifted the cash rate to 1.85% in early August 2022. we should expect interest rates of 2.5% - how quickly we get there really depends on inflation.
Over the past few months there has been an increase in audit/review activity initiated by the ATO, State Revenue Office & WorkCover, as both State and Federal Governments attempt to tighten up budget deficits.
The ATO has flagged four priority areas this tax season where people are making mistakes.
End Of Financial Year is upon us once again! This means that once you have run your last pay run for the financial year, it is time to finalise payroll.
The ATO has not pursued many business tax debts during the pandemic and allowed tax refunds to flow through even if the business had a tax debt. That position has now changed.
Days after the Federal Budget announcement that businesses will be able to claim a 120% deduction for expenditure on training and technology costs, we started receiving marketing emails encouraging us to spend now to access the deduction.
The Government temporarily halved the excise and excise equivalent customs duty rates for petrol, diesel and all other petroleum-based products (except aviation fuels) for 6 months from 30 March 2022 until 28 September 2022. This has caused a reduction in fuel tax credit rates.
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 gym membership isn’t available to most people.
A series of reforms and changes will commence on 1 July 2022
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 charge, or GST obligations.
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.
Late last month, the Australian Taxation Office (ATO) released a package of new guidance material that directly targets how trusts distribute income.
Temporary full expensing enables your business to fully expense the cost of your assets.
The Federal Budget has been brought forward to 29 March 2022. With the pandemic and the war in Ukraine we have seen a lot less commentary this year about what to expect in the Budget.
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.
The 2022 Luna New Year, Year of the Tiger, is courage and bravery. It is a year to drive out evil and one of momentum and change. The message; walk boldly with courage. And it seems the Reserve Bank Governor is aligned with this sentiment.
The Treasurer has announced that PCR and rapid antigen tests (RAT) will be tax deductible for individuals and exempt from fringe benefits tax (FBT) for employers if purchased for work purposes.
The rules for the Pandemic Leave Disaster Payment, the payment accessible to those who have lost work because they have had to self-isolate with COVID-19, or are caring for someone who contracted it, changed on 18 January 2022.
A lighter look at the complexity of Australian taxation laws and the year that has been.
Every year, we are asked about the tax impact of various Christmas or holiday related gestures. Here are our top issues:
2021 was to be the year we returned to a post-COVID normal however the pandemic has fundamentally changed the way many of us operate in our personal and work lives. Here is some of what we can expect in 2022:
Directors are now required to register for a unique identification number that they will keep for life.
The Australian Taxation Office recently updated its guidance on tax and cryptocurrency.
The ATO has extended COVID-19 relief for SMSF trustees. The relief measures, which protect trustees from COVID-19 related contraventions of the super laws, now extend from the 2019-20, 2020-21 and 2021-22 financial years.
The ATO has recently issued an alert on gifts or loans from overseas. The ATO is particularly concerned about schemes and arrangements designed specifically to circumvent Australian tax laws.
COVID-19 support will roll back as states and territories reach vaccination targets.
Superannuation is not like other assets as it is held in trust by the trustee of the superannuation fund. When you die, it does not automatically form part of your estate but instead, is paid to your eligible beneficiaries by the fund trustee according to the rules of fund, superannuation law, and the death nomination you made.
Super choice rules are changing. You'll have an extra step to take if you have new employees who start from 1 November 2021 and they don't choose a super fund.
Australia’s two largest states and the ACT are in lockdown as the Delta strain of COVID-19 takes its toll while others are standing firm on a policy of eradication. The result is a country at a policy impasse and divided by border restrictions.
New legislation will help prevent superannuation assets from being hidden during divorce proceedings.
Running a business can be an isolating experience. And, with COVID-19 lockdowns and disruptions to trade, the pressure can be intense.
Most people would think that money provided by the Government to support people and business during a crisis would be tax free? Otherwise, it’s like giving money with one hand and then taking it away with the other, isn’t it?
The support available to individuals and business has been constantly evolving and changing. Here’s a summary of where support stands around the country.
Support is available if you are impacted by the Victorian lockdowns.
The highly infectious Delta COVID variant is triggering lock-downs across the country. We look at what help is available and how you can get it.
We've summarised the key 1 July 2021 changes and their implications.
If you worked from home during lockdown and spent money on work related items that were not reimbursed by your business, you might be able to claim some of these expenses as a deduction – but not everything you purchase can be claimed.
Australia has had its fair share of disasters over the last few years – drought, bushfires and floods – that have ramped up the volume of insurance claims. Most people would assume that if and when they need to claim on their insurance, the insurance payout covers the damage and is not income assessed for tax purposes - but this is not always the case.
We often get questions from clients about what they can and cannot do in their SMSF. Often the questions relate to related party transactions – that is, interactions between the SMSF, its assets, and its members (or relatives of members). We’ve set out some of the common questions and answers.
The Victorian Government has launched the $250 million Circuit Breaker Business Support Package to assist small to medium businesses and sole traders.
Directors will be required to register for a unique identification number that they will keep for life, much like a tax file number under a rewrite of Australia’s business registers.
To protect older Australians, the Government has moved to formalise ‘granny flat arrangements’ by providing an incentive to protect all parties in the arrangement.
On Saturday 29 May 2021, the Government unexpectedly announced an extension of the temporary reduction in superannuation minimum drawdown rates through to financial year 2021/22.
The 2021-22 Federal Budget is a balancing act between a better than anticipated deficit ($106 bn), an impending election, and the need to invest in the long term.
Changes from 1 July 2021 will impact on how much money you can contribute to superannuation and how much you can have in your retirement phase superannuation account.
The Australian Taxation Office (ATO) has been concerned for some time about how many professional services firms are structured – specifically, professional practices such as lawyers, architects, medical practices, engineers, architects etc., operating through trusts, companies and partnerships of discretionary trusts and how the profits from these practices are being taxed.
The Government’s JobMaker scheme has created 609 new jobs since registrations opened on 1 February 2021, despite around 15,000 businesses registering their interest in the scheme.
Builders, electricians, plumbers, architects, real estate agents, security guards and other workers who hold an occupational licence in their home state or territory and who want to do the same work in another state or territory will soon be automatically deemed to have the necessary licence.
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Super Retail Group - owner of the Supercheap Auto, Rebel, BCF and Macpac brands - handed back $1.7 million in JobKeeper payments in January after releasing a trading update showing sales growth of 23% to December 2020.
The first COVID-19 vaccination in Australia rolled out on 21 February 2021 preceded by a wave of protests. With the rollout, comes a thorny question for employers about individual rights, workplace health and safety, and vaccination enforcement.
Whatever your requirements, we can help you find the solution.
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