Loading...

Can I claim a tax deduction for my gym membership?

Can I claim a tax deduction for my gym membership?

There are lots of reasons to keep fit but very few of them have to do with how we earn our income. As a result, a tax deduction for a gym membership isn’t available to most people. And yes, the Tax Office has heard all the arguments before about how keeping fit reduces sickness and therefore is i...

Read More

The 120% deduction for skills training and technology costs

The 120% deduction for skills training and technology costs

It’s a great headline isn’t it? Spend $100 and get a $120 tax deduction. Days after the Federal Budget announcement that businesses will be able to claim a 120% deduction for expenditure on training and technology costs, we started receiving marketing emails encouraging us to spend now to access ...

Read More

What’s changing on 1 July 2022?

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 businessSuperannuation guarantee increase to 10.5%The Superannuation Guarantee (SG) rate will rise from 10% to 10.5% on 1 July 2022 and will continue to increase by 0.5% each year until it reaches 12%...

Read More

Cash injection for struggling businesses

Cash injection for struggling businesses

Businesses struggling with the Omicron wave of the pandemic have been offered new grants and support in NSW, SA and WA. New South WalesThe NSW Small Business Support package provides eligible employing businesses with a lump sum payment of 20% of weekly payroll, up to a maximum of $5,000 per...

Read More

PCR and RAT tests to be tax deductible, FBT free

PCR and RAT tests to be tax deductible, FBT free

The Treasurer has announced that PCR and rapid antigen tests (RAT) will be tax deductible for individuals and exempt from fringe benefits tax (FBT) for employers if purchased for work purposes. There has been confusion over the tax treatment of RAT tests with the Prime Minister stating for s...

Read More

Professional Serices Firm Profits Guidance Finalised

Professional Serices Firm Profits Guidance Finalised

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 profits generated by a professional services firm and how they flow throu...

Read More

Year of the Tiger: Roaring or Bellowing?

Year of the Tiger: Roaring or Bellowing?

The 2022 Luna New Year, Year of the Tiger, is courage and bravery. It is a year to drive out evil and one of momentum and change. The message; walk boldly with courage. And it seems the Reserve Bank Governor is aligned with this sentiment.The Tiger economyAt a recent speech to the National Press ...

Read More

How to set up your Director ID

How to set up your Director ID

How to set up your Director ID Directors are now required to register for a unique identification number that they will keep for life. What is a director ID?A director ID is a 15 digit identification number that, once issued, will remain with that director for life regardless of whether...

Read More

Tax and the Normalisation of Cryptocurrency

Tax and the Normalisation of Cryptocurrency

Tax and the Normalisation of CryptocurrencyThe 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 hold crypto assets, directly t...

Read More

6 Member SMSFs – the issues and opportunities

6 Member SMSFs – the issues and opportunities

From 1 July 2021, the maximum number of members a Self Managed Super Fund can have increased from four to six. Why would you have a fund with six members and what are the implications?Recently enacted laws increased the maximum number of allowable members in an SMSF and small APRA fund from four ...

Read More