This image is a close-up shot of five, twenty and fifty dollar Australian notes on a grey surface. On top on the notes is an Australian two dollar gold coin.

ATO Signals Attack on Trusts

Before we get into today’s main topic – Budget 2022/23 – we wanted to note with you all that earlier this month we were in a Zoom call with over 5,500 other accountants and taxation specialists across Australia, working through some of the curlier aspects of the ATO’s recently proposed changes to family trust distributions.…

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RATs! Still clear as mud

On Sunrise on Monday the 3rd of January 2022, Prime Minister Scott Morrison, on the topic of rapid antigen tests (RATs) stated:  “We already make them free to everyone who is required to have one. They are also tax deductible.” The Prime Minister’s comments subsequently prompted a member of the Australian Taxation Office’s ATO Community group to…

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The Show Must Go On

The Getting the Show Back on the Road+ program (GTSBOTR+) was introduced mid-way through 2021 with the aim to reduce the financial risks associated with running ticketed events in Western Australia during a COVID-19 impacted period. Essentially, it’s a State Government initiative designed to encourage the (safe) continuation of publicly ticketed events through sharing the risk of gross ticket sales…

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Returning JobKeeper, FBT and Covid Vaccinations and the workplace

FBT 2021: Tax & Employee Benefits Fringe Benefits Tax (FBT) is one of Australia’s most disliked taxes because it’s cumbersome, expensive and generates a lot of paperwork. Unfortunately, the COVID-19 lockdowns we’ve endured have added another layer of complexity as many work patterns and behaviours have changed. As we’ve previously discussed, a fringe benefit is…

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2021: Opportunities and Risks, JobMaker Deadline Looms, Christmas Parties and FBT

JobMaker Deadline Looms JobMaker enrolments opened on Monday the 7th of December and because of the tight turnaround times, if your business would like to access JobMaker for the first period, it will be important to assess eligibility. Be sure to contact us as soon as possible to get the ball rolling. Wednesday the 6th…

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FRINGE BENEFITS

With more of us working from home now as part of our ‘new normal’, the ATO is increasingly turning its attention to business expenses and employee deductions. Here’s how to ensure you don’t get caught out. What is a fringe benefit? Really simply, a fringe benefit is an additional ‘payment’ or benefit you receive on…

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FEDERAL BUDGET 2020-21

Josh Frydenberg’s 2020-21 Federal Budget, inevitably shaped in response to the COVID-19 crisis, has revealed some distinct winners and losers.  Given the unprecedented events that have unfolded this year, the Australian Government’s 2020-21 Federal Budget was always going to outline a path to economic recovery. Handed down last night, the Budget’s key initiatives include: Personal income tax cuts from…

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