Young asian female sits in a well lit room at her desk. She has her phone in her left hand, and laptop open infront of her. She speaks with an accountant on the phone as she analyses the graphs and statistics open on her computer screen. There is a blue mug sitting on the desk to her left, and a small luscious succulent to her right.

Reminders

28th of April 2022: Superannuation Guarantee payments for the period 1st of January 2022 to the 31st of March 2022 must be made by this date otherwise Superannuation Guarantee Charges will apply and you’ll lose the opportunity to claim the expense as a tax deduction.  16th of May 2022: Any outstanding 30th June 2021 Income…

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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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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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Motor vehicle deductions and questions, Superannuation Guarantee deadline and foreign income disclosure rules

Motor Vehicles You can claim deductions for the use of motor vehicles (including motorcycles) when they’re used for business or work purposes. While your method of deduction will vary depending on your unique circumstances, regardless of how you claim, it’s important to distinguish the applicable work/business-related portion from any personal/private use, and stay on top…

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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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SCAMS

With the festive season fast approaching, scam activity is on the rise. Here are a few common ones doing the rounds and how you can keep yourself safe. Hello? This is the ATO… People are receiving calls from fraudsters claiming to be from the Australian Taxation Office, stating that they have not paid enough tax…

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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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