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.Capital gains tax (CGT) applies to gains you have made on the sa...
Read MoreTax & the family home
Thursday, July 07, 2022
Can I claim a tax deduction for my gym membership?
Wednesday, May 18, 2022
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 therefore is i...
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 therefore is i...
Read MoreThe 120% deduction for skills training and technology costs
Wednesday, May 18, 2022
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 ...
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 ...
Read MoreWhat’s changing on 1 July 2022?
Wednesday, May 18, 2022
A series of reforms and changes will commence on 1 July 2022. Here’s what is coming up: For businessSuperannuation 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 year until it reaches 12%...
Read More
A series of reforms and changes will commence on 1 July 2022. Here’s what is coming up: For businessSuperannuation 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 year until it reaches 12%...
Read MoreCash injection for struggling businesses
Wednesday, February 09, 2022
Businesses struggling with the Omicron wave of the pandemic have been offered new grants and support in NSW, SA and WA. New South WalesThe NSW Small Business Support package provides eligible employing businesses with a lump sum payment of 20% of weekly payroll, up to a maximum of $5,000 per...
Read More
Businesses struggling with the Omicron wave of the pandemic have been offered new grants and support in NSW, SA and WA. New South WalesThe NSW Small Business Support package provides eligible employing businesses with a lump sum payment of 20% of weekly payroll, up to a maximum of $5,000 per...
Read MorePCR and RAT tests to be tax deductible, FBT free
Wednesday, February 09, 2022
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. There has been confusion over the tax treatment of RAT tests with the Prime Minister stating for s...
Read More
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. There has been confusion over the tax treatment of RAT tests with the Prime Minister stating for s...
Read MoreProfessional Serices Firm Profits Guidance Finalised
Wednesday, February 09, 2022
The Australian Taxation Office’s finalised position on the allocation of profits from professional firms starts on 1 July 2022. The ATO’s guidance uses a series of factors to determine the level of risk associated with profits generated by a professional services firm and how they flow throu...
Read More
The Australian Taxation Office’s finalised position on the allocation of profits from professional firms starts on 1 July 2022. The ATO’s guidance uses a series of factors to determine the level of risk associated with profits generated by a professional services firm and how they flow throu...
Read MoreYear of the Tiger: Roaring or Bellowing?
Wednesday, February 09, 2022
The 2022 Luna New Year, Year of the Tiger, is courage and bravery. It is a year to drive out evil and one of momentum and change. The message; walk boldly with courage. And it seems the Reserve Bank Governor is aligned with this sentiment.The Tiger economyAt a recent speech to the National Press ...
Read More
The 2022 Luna New Year, Year of the Tiger, is courage and bravery. It is a year to drive out evil and one of momentum and change. The message; walk boldly with courage. And it seems the Reserve Bank Governor is aligned with this sentiment.The Tiger economyAt a recent speech to the National Press ...
Read MoreHow to set up your Director ID
Wednesday, November 17, 2021
How to set up your Director ID Directors are now required to register for a unique identification number that they will keep for life. What is a director ID?A director ID is a 15 digit identification number that, once issued, will remain with that director for life regardless of whether...
Read More
How to set up your Director ID Directors are now required to register for a unique identification number that they will keep for life. What is a director ID?A director ID is a 15 digit identification number that, once issued, will remain with that director for life regardless of whether...
Read MoreTax and the Normalisation of Cryptocurrency
Wednesday, November 17, 2021
Tax and the Normalisation of CryptocurrencyThe Australian Taxation Office recently updated its guidance on tax and cryptocurrency.In early November, the Commonwealth Bank announced that it is now Australia’s first bank to offer customers the ability to buy, sell and hold crypto assets, directly t...
Read More
Tax and the Normalisation of CryptocurrencyThe Australian Taxation Office recently updated its guidance on tax and cryptocurrency.In early November, the Commonwealth Bank announced that it is now Australia’s first bank to offer customers the ability to buy, sell and hold crypto assets, directly t...
Read More