Australian Federal Budget 2021-22

Australian Federal Budget 2021-22

In the Australian Federal Budget 2021-22, the Government has decided not to go down the austerity path, which will be a relief for many taxpayers and businesses. Rather, the Government has decided to put its foot on the accelerator with the hope that the growth in the...
The ins (and outs) of personal services income

The ins (and outs) of personal services income

Ins (and outs) of Personal Services Income It is not uncommon for professional people who provide services to set up a separate entity to run their business, be it a trust, partnership or incorporated company. The allure of course is the lower tax rate that these can...
Single touch payroll: When your reporting can cease

Single touch payroll: When your reporting can cease

Single touch payroll: When your reporting can cease Your business may no longer need to lodge single touch payroll (STP) reports for a number of reasons. These are if your business no longer has employees, has ceased trading, has changed structure, is not paying...
Getting a tax valuation from the ATO

Getting a tax valuation from the ATO

Not every individual situation fits neatly with the tax laws as they stand — sometimes a taxable item’s known value (and therefore the tax that applies to it) may need to be determined. Many tax laws require the taxpayer to determine the market value of something....
Rental Property: Tax Approach Adjusts for COVID-19

Rental Property: Tax Approach Adjusts for COVID-19

The COVID-19 pandemic has placed property owners, and tenants in many cases, in unfamiliar territory. Many tenants have been paying reduced rent or ceased paying because their income has been adversely affected. While rental income may be reduced, owners will continue...