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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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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A saliva rapid antigen test sitting on a white background, the test is negative.

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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