ATO ramps up heat on directors
Over the last few months the ATO sent letters to directors who are potentially in breach of their obligations to ensure that the company they represent has met its PAYG withholding, superannuation guarantee charge or…
What’s changing on 1 July 2022?
A series of reforms and changes will commence on 1 July 2022. Here's what is coming up: For business Superannuation guarantee increase to 10.5% The Superannuation Guarantee (SG) rate will rise from 10% to 10.5%…
Can I claim a deduction for my gym membership?
In general, a tax deduction for fitness expenses is only available if your job requires you to have an extremely high level of fitness. The nexus between how you earn your income and the deduction…
Professional Services Firm Profits Guidance
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…
Tax & Cryptocurrency
The 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…
4 Top Christmas Tax Questions
Every year, we are asked about the tax impact of various Christmas or holiday-related gestures. Here are our top issues: Staff gifts The key to Christmas presents for your team is to keep the gift…
What can we expect in 2022?
2021 was to be the year we returned to a post-COVID normal however the pandemic has fundamentally changed the way many of us operate in our personal and work lives. Here is some of what…
The Discriminatory Backpacker Tax
The High Court has ruled that the ‘backpacker tax’ is discriminatory. We look at the impact. Since 2017, the ‘backpacker tax’ has taxed the first dollar of income a backpacker earns in Australia - regardless…
Are COVID related grants tax free?
Most people would think that money provided by the Government to support people and business during a crisis would be tax free? Otherwise, it’s like giving money with one hand and then taking it away…
Working from home expenses under ATO scrutiny
If you worked from home during lockdown and spent money on work-related items that were not reimbursed by your business, you might be able to claim some of these expenses as a deduction – but…
