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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
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.
Every year, we are asked about the tax impact of various Christmas or holiday related gestures. Here are our top tips.
A lighter look at the complexity of Australian taxation laws and the year that has been.
The ATO is watching out for taxpayers attempting to avoid or evade tax on their foreign assessable income by disguising amounts as gifts or loans from a related overseas entity. This increased ATO attention has come about with the proposed changes..
Directors are now required to register for a unique identification number that they will keep for life.
