Tax

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 and potentially retrospectively) as a result of the ATO’s more aggressive approach.

... read more

The ATO’s Attack on Trusts and Trust Distributions
( Posted in: Tax )

Pandemic Leave Disaster Payments rules change

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. 

... read more

Pandemic Leave Disaster Payments rules change
( Posted in: Tax )

Year of the Tiger: Roaring or Bellowing?

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.

... read more

Year of the Tiger: Roaring or Bellowing?
( Posted in: Community )

PCR and RAT tests to be tax deductible, FBT free

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.

... read more

PCR and RAT tests to be tax deductible, FBT free
( Posted in: Tax )

ATO assistance for those with overdue payments and lodgments

A reminder has been released from the Australian Taxation Office to advise that there is help available for those who are currently not up to date with their payment and lodgment obligations.

... read more

ATO assistance for those with overdue payments and lodgments
( Posted in: Tax )

Understanding Your Profit & Loss and Balance Sheet Statements

As a business owner it’s crucial that you keep track of your finances. You don’t need to be an expert on all the reporting if you have a bookkeeper who assists you, but you do need to keep an eye on two key reports to know that you have control of your company’s financial health.

... read more

Understanding Your Profit & Loss and Balance Sheet Statements
( Posted in: Tax )

Checklist for Starting a Business

All businesses start with a skill, idea or opportunity. But you’ll need more than this to make your business successful. Planning, skills, people, time – and luck – are all important.

... read more

Checklist for Starting a Business
( Posted in: Tax )

How Much Can I Claim on My Motor Vehicle?

If you're using your personal car for work purposes, you may eligible to claim the expenses associated to this. Find out about the rules and claiming methods available.

... read more

How Much Can I Claim on My Motor Vehicle?
( Posted in: Tax )