A reminder of what changed on 1 July 2022 Business Superannuation guarantee increased to 10.5% $450 super guarantee threshold removed for employees aged 18 and over Small business GST and PAYG tax instalments lowered (the total tax liability remains the same, just the amount the business needs to pay through the year is lowered) ATO … Read more
The ATO has flagged four priority areas this tax season where people are making mistakes. With tax season almost upon us the Australian Taxation Office (ATO) has revealed its four areas of focus this tax season. Record-keeping Work-related expenses Rental property income and deductions, and Capital gains from crypto assets, property, and shares. In general, … Read more
So many changes happening in 2023 for business owners, it’s hard to know where to start, we have compiled a short brief on a few key changes. Superannuation guarantee increase to 10.5% The Superannuation Guarantee (SG) rate will rise from 10% to 10.5% on 1 July 2022 and will continue to increase by 0.5% each … Read more
The priority areas for the ATO for the upcoming “Tax Time” 2022 have been announced. The ATO will be focusing on: • Record-keeping • Work-related expenses • Rental property income and deductions, and • Capital gains from crypto assets, property and shares. Not many surprises there. When it comes to the ATO’s focus on record … Read more
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 marketing emails encouraging us to spend now to access the deduction. But, there are a … Read more
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 how keeping fit reduces sickness and … Read more
The Government temporarily halved the excise and excise equivalent customs duty rates for petrol, diesel, and all other petroleum-based products (except aviation fuels) for 6 months from 30 March 2022 until 28 September 2022. This has caused a reduction in fuel tax credit rates. During this 6 month period, businesses using fuel in heavy vehicles … Read more
In November 2021, I was nominated to be a part of Stars of the Border Dance for Cancer, it would be a fun journey to give back to my Albury Wodonga community. I thought it would be a great charity event to be a part of and connect with different people. It was all that and … Read more
I made it, to my first goal of $3,000, a massive thank you to everyone for your support and encouragement so far. As always, onward and upward to the next goal of $5,000. Cant stop short with a few weeks to go, we can work towards the end to raise more for this great cause. … Read more
ATO’s additional guidance on cryptocurrency Crypto is an ever-changing world of investing and innovation, and it feels like these updates will be never-ending. Buying, selling, holding, minting or mining you’re going to need to understand that when you dispose of something it needs to be accounted for and treated for tax in your tax return. … Read more
