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This is a safe, ballot box friendly Budget, as expected, focusing on jobs, cost of living, homeownership, and health.
Key initiatives include:
- A 6 month, 50% reduction in fuel excise with effect from midnight Budget night
- A $420 cost of living tax..
Temporary full expensing (in the first year of use) enables your business to fully expense the cost of:
- new depreciable assets
- improvements to existing eligible assets, and
- second-hand assets
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.
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..
Volatility in markets is being driven by Russia's invasion of Ukraine, rising inflation and the prospect of a sharp slowdown in global growth. Although only 3% of global GDP, Russia has now largely been shut out of the global economy. Most Western..
January was a tough month for financial markets, with concerns that rising inflation would lead to rising interest rates (and potentially lower equity prices). In January, equity markets started to take notice of this risk. The ASX 200 Index fell..
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 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.
McDonald’s Australia has been convicted and fined for failing to provide documents to the Australian Taxation Office (ATO).
The ATO has finalised its guidance on the Allocation of Professional Firm Profits (or commonly known as income splitting) that will apply from 1 July 2022.
