In The News
This could be the final opportunity for your business to take advantage of Temporary Full Expensing (TFE)…but get in before 1 July! The principal benefit of TFE is cashflow. TFE enables businesses to bring forward their depreciation claims. Most business assets are eligible including machinery, tools, furniture, business equipment, etc. (May 2023) Read more
Businesses who pay superannuation guarantee (SG) contributions to their workers can optimize their 2022/23 tax position by bringing forward these contributions to before 1 July 2023. However, there are a number of important timing issues that must be adhered to. (May 2023) Read more
One of the most common decisions facing business is how to finance and account for the acquisition of a motor vehicle. There are numerous ways of doing so, including outright purchase, lease, chattel mortgage, and hire purchase…with each resulting in differing accounting, taxation and GST treatment. (May 2023) Read more
ASIC has released fresh and timely information around crypto scams. Scammers use cryptocurrencies, like bitcoin or ether, because they are not easily recovered. If you lose your money to a crypto scam, your money is likely gone. What are the red flags to be aware of? (April 2023) Read more
Fringe benefits provided on or after 1 July 2022 for cars that are eligible zero or low emissions vehicles that are first held and used on or after 1 July 2022, may be exempt from FBT. A new ATO factsheet provides more detail on this exemption. (April 2023) Read more
The government has welcomed the uncovering and prosecution of ‘the biggest GST fraud in Australia’s history’, stopping approx. $2.5 billion in fraudulent GST refunds from being paid to fraudsters. On a smaller scale, there are lessons to be learned about how you or your business can stave off a GST audit or review if you are subject to ATO scrutiny. (April 2023) Read more
There is more than $16 billion in lost and unclaimed superannuation across Australia. Does some of this belong to you? It is easy to conduct a search for any lost or unclaimed super you may have as bringing it all together may help save on fees and also make it easier to manage your retirement savings. (April 2023) Read more
Are you one of the five million Australians who claim work from home deductions? If so, stricter record-keeping requirements may now apply from 1 March 2023. A new, increased cents per hour rate is also now available. (March 2023) Read more
The majority of employers calculate any car fringe benefits under the logbook method. As we approach the end of the FBT year, logbooks need to be in order, including adequate descriptions of trips, odometer records and more! (March 2023) Read more
Treasury released a consultation paper on legislating the purpose of superannuation. However, as noted in the paper, the purpose of legislating such an objective is to guide future policy makers rather than lay the groundwork for changes to existing superannuation settings. (March 2023) Read more
It’s been a tough 12-mothns for investors. However, a loss on an investment is only realised if you dispose of the asset. If you retain the asset, you may be able to ride things out and hopefully the market bounces back. Even where you do sell and incur a capital loss, there can be a silver lining from a tax perspective. (March 2023) Read more
Last year 9,700 individuals applied for compassionate release of super for dental treatment expenses, and 82% were approved. Out of those approved, 9% were for a dependent child’s dental treatment, which could include braces. What are the rules around making a claim? (March 2023) Read more
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