Blog categorized as News Alerts

A bill proposing to increase the instant asset write off threshold in Div 328 of ITAA 1997 from $1,000 to $20,000 has been introduced in the Parliament and awaits approval.

The ATO has finalised the luxury car tax (LCT) determination LCTD 2023/1 which provides guidance on determining the principal purpose of a commercial vehicle for LCT purposes.

The small business technology investment boost wrapped up on 30 June 2023. For your 2022–23 tax return, we will be working with you to ensure you get the full bonus deduction that you are entitled to. Work through your next steps here.

Australian medical practices face tax compliance risks including misclassifying employees, incorrectly reporting fringe benefits, income tax complexities, GST liabilities, and inadequate superannuation contributions. The ATO Professional Firms Guidelines govern professional profit distribution.

Do you offer your employees benefits in addition to salary and wages? If so, you may need to report FBT. Fringe benefits can help employees reduce their taxable income but you need to take care of the admin. Get in contact to learn more.

Prepare now for finalising STP payroll data by 14 July. Book a time with us today to check essential employee information, verify the numbers and confirm payroll categories are linked to the correct reporting fields before lodging with the ATO.

Recent updates have been announced to the non-arm's length income (NALI) provisions applying to SMSFs.

Get set for a minimum wage increase effective July 2023

Lump sum payments in arrears may get an exemption from Medicare levy in limited situations.

As the end of the financial year approaches, the temporary full expensing rules will be coming to an end. Considering this, we explore the options that are now available for small and medium businesses to optimise their tax deductions.

Investors in build-to-rent accommodation will benefit from an increase to the capital works deduction from 9 May 2023. Call us if you want to find out more.

A number of social security measures have been announced in the 2023 Federal budget to help Australians combat current inflation and cost of living expenses pressures.

The ATO has initiated a crackdown on arrangements where an individual shareholder accesses profits of a private company in tax-free form through an interposed holding company.

ATO has released a draft compliance guideline to address compliance challenges faced by taxpayers when separately identifying home charging costs for electric vehicles from the total electricity consumption of a household.

The super guarantee rate will rise in July this year to 11%. Have you calculated the extra cost to your business? This rate increase may also affect salary packages. Talk to us now to start preparing for the changes, so you don't get caught out.

Working from home? Are you claiming your expenses on your tax return? There are 2 methods available to calculate your WFH claim.

With the ATO’s new directives on the taxation of trust distributions, it's essential to review arrangements. Book a planning session to ensure you've got the best beneficiary arrangements.

As we move into the business end of tax planning for 2023, here is a list of key tax dates for April and May 2023. Be aware of your upcoming tax obligations here.

The new ATO tax education course if here. Find out what you need to do to avoid an administrative tax penalty.

The federal government has announced its intention to change tax concessional treatment of very large super account balances from 1 July 2025. Individuals with over $3 million in super will be affected.