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It’s a great headline, isn’t it? Spend $100 and get a $120 tax deduction. Days after the Federal Budget announcement that businesses will be able to claim a 120% deduction for expenditure on training and technology costs, we started receiving..
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.
WLM encourages our business clients to use cloud-based tools to automate the capture of supplier invoices and bank transactions. If you are not currently using a tool to do this, please talk to us so we can assist you.
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
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..
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 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.
