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Sportspeople, media personalities, celebrities and ‘insta’ influencers beware. The ATO has taken a U-turn on how fame and image should be taxed.
New legislation before Parliament, if enacted, will make zero or low emission vehicles FBT-free. We explore who can access the concession and how.
A reminder of what changed on 1 July 2022
Several changes to superannuation and taxation came into effect on 1 July. There are implications that every business and individual needs to be aware of. Here's a neat checklist to keep you informed.
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 and the triggers that reduce or exclude that exemption.
Recently 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.
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. And yes, the Tax Office has heard all the arguments before about..
Business Taxpayers
Business taxpayers will need to prepare for the new year as well as the current year.
Prepare for the following:
All those with family trusts need to do some tax planning and, at a bare minimum, review the cash distributions and prepare a Resolution before 30 June 2022.
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
