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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...

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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...

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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 ...

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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...

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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...

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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 ...

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Business in a post pandemic environment

Countries that have experienced the worst of the pandemic give Australian businesses an insight into what to expect in a post-lockdown environment.Australia, like New Zealand, has managed COVID-19 on an elimination basis. That is, lockdowns and border closures to keep the virus out. And, it has w...

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Lock-downs: What help is available

Lock-downs: What help is available

The highly infectious Delta COVID variant is triggering lock-downs across the country. We look at what help is available and how you can get it. For youCOVID-19 disaster paymentThe COVID-19 disaster payment is available to eligible workers who can’t attend work or who have lost income becaus...

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New laws target sharing economy platforms

In an attempt to reign in undeclared income, proposed new laws will require platform providers in the sharing economy to report all transactions through their platforms.Traditional employment models have shifted in favour of more flexible options including contracting, self-employment and use of ...

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Am I taxed on an insurance payout?

Am I taxed on an insurance payout?

Australia has had its fair share of disasters over the last few years – drought, bushfires and floods – that have ramped up the volume of insurance claims. Most people would assume that if and when they need to claim on their insurance, the insurance payout covers the damage and is not income ass...

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