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Novated lease, car Fringe Benefit Tax and tax deductions
Understanding novated leases, FBT and claims for work-related car expenses A novated lease is a popular way for employers to reward and incentivise...
The tax treatment of cryptocurrency
Cryptocurrencies, once again surging in popularity, have a unique tax treatment that every taxpayer dealing with cryptocurrency should be aware of....
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...
EOFY tips for your tax plan
The financial year is almost over, but there are still effective strategies you may be able to put in place. The aim is to make sure you pay no more...
The SME Recovery Loan Scheme is now open
Loans for small to medium enterprises (SMEs) are available until 31 December 2021 under the Federal Government’s SME Recovery Loan Scheme. The...
Small business fees and charges rebate
If you incurred any NSW or local government fees and charges, such as licence fees, council rates, etc., you may be qualified for this small...
Some money is not counted as ‘income’ by the ATO
It is possible to receive amounts that are not expected by the ATO to be included as income in your tax return. Although some of these amounts may...
Managing your superannuation transfer balance account
Most people think of retirement as a time to put your feet up and relax, but it can also be a time when pre-retirees and retirees alike actually...
JobMaker hiring credit: What you need to know
The JobMaker Hiring Credit scheme was passed into law in mid-November 2020. JobMaker was part of the 2020-21 Federal Budget, and will operate until...
New Director Identification Number regime could be just around the corner
The Director Identification Number (DIN) regime may have been lost in many business owners’ peripheral vision, or even dropped off the radar...
The 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...
Natural disasters and help with your tax
Now that we are into bushfire season, and even flooding events have already occurred, it is perhaps timely to be reminded that as well as the more...
Taking advantage of the superannuation guarantee amnesty may have one last hurdle
At the time when the superannuation guarantee amnesty measure ran its course (it expired 7 September 2020), the Assistant Minister for...
Single touch payroll: When your reporting can cease
A business may no longer be required to lodge single touch payroll (STP) reports for a number of reasons. These are if your business no longer has...
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...
Claiming interest expenses for rental properties
Interest is a common deduction claimed by taxpayers. Generally, interest is seen as being inherently deductible where it is incurred in gaining or...
Company loss carry back measure explained
The Background The last Federal Budget carried with it a number of tax changes that were designed to assist the Australian economy recover from the...
New residential property and GST reporting obligation
New residential property is a popular investment for many, and can be especially so for self-managed superannuation funds, however the ATO is...
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