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Latest News

It’s 2022 fringe benefits tax time

It’s 2022 fringe benefits tax time

It’s 2022 fringe benefits tax (FBT) time! In this article we outline some of the things you need to be aware of to help you lodge.

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( Posted in: Tax )

Are your donation claims tax-deductible?

 Are your donation claims tax-deductible?

The ATO have advised to check your paperwork before claiming deductible contributions.

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( Posted in: Tax )

Top 10 Tips for Property Investors

Top 10 Tips for Property Investors

Are you looking at buying an investment property? There’s no one-size-fits-all method to property investing, it requires an individualistic approach. You need to recognise and focus on your own specific goals, needs and situations to succeed.

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( Posted in: Investment Property )

Where there’s a Will, there’s an Estate Plan – Well, there should be

Where there’s a Will, there’s an Estate Plan – Well, there should be

Let’s face it: no-one likes to think of death, especially their own. It’s not exactly a great conversation starter, is it? This might explain why so many people end up “dying Intestate” which means they die without a will and, as a consequence, have their assets distributed according to State law.

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( Posted in: Living Estate Planning )

The ATO Focus On Working From Home Expense Claims | Income Tax Returns

The ATO Focus On Working From Home Expense Claims | Income Tax Returns

Pat Mannix talks about Working From Home Expense Claims. What are the ATO rules on this? What home office expenses can I claim on my tax return? What are my options? Pat answers all of these questions in this informative short video.

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( Posted in: Tax )

Are Your Contractors Really Employees?

Are Your Contractors Really Employees?

Two landmark cases before the High Court highlight the problem of identifying whether a worker is an independent contractor or employee for tax and superannuation purposes.

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( Posted in: Tax )

Temporary Full Expensing | Small Business Asset Write-Offs

Temporary Full Expensing | Small Business Asset Write-Offs

Let’s talk about Temporary Full Expensing (TFE). What is TFE? What assets can I write-off? What date do you need to apply by? Pat answers all of these questions in this informative short video.

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( Posted in: Tax )

Immediate Deductions Extended

Immediate Deductions Extended

Legislation passed by Parliament last month extends the Temporary Full Expensing rules to cover assets that are first used or installed ready for use by 30 June 2023.

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( Posted in: Tax )

What is a Director Identification Number? | Why do I Need a DIN?

What is a Director Identification Number? | Why do I Need a DIN?

Pat Mannix talks about Director Identification Numbers (DIN). What is a DIN? Why do the directors of Australian companies need one? What date do you need to apply by? Pat answers all of these questions in this informative short video.

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( Posted in: Tax )

Kids Over 18 in a Family Trust | Distributions

Kids Over 18 in a Family Trust | Distributions

Pat Mannix talks about the distribution and tax changes that occur within a Family Trust once a child is over 18 years old. Check out this informative short video.

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( Posted in: Tax )

The ATO’s Attack on Trusts and Trust Distributions

The ATO’s Attack on Trusts and Trust Distributions

Late last month, the Australian Taxation Office (ATO) released a package of new guidance material that directly targets how trusts distribute income. Many family groups will pay higher taxes (now and potentially retrospectively) as a result of the ATO’s more aggressive approach.

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( Posted in: Tax )

Federal Budget 2022-23

Federal Budget 2022-23

The Federal Budget has been brought forward to 29 March 2022. With the pandemic and the war in Ukraine we have seen a lot less commentary this year about what to expect in the Budget.

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( Posted in: Tax )

Professional Services Firm Profits Guidance Finalised

Professional Services Firm Profits Guidance Finalised

The Australian Taxation Office’s finalised position on the allocation of profits from professional firms starts on 1 July 2022.

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( Posted in: Tax )

Pandemic Leave Disaster Payments rules change

Pandemic Leave Disaster Payments rules change

The rules for the Pandemic Leave Disaster Payment, the payment accessible to those who have lost work because they have had to self-isolate with COVID-19, or are caring for someone who contracted it, changed on 18 January 2022. 

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( Posted in: Tax )

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.

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( Posted in: Community )

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.

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( Posted in: Tax )

ATO assistance for those with overdue payments and lodgments

ATO assistance for those with overdue payments and lodgments

A reminder has been released from the Australian Taxation Office to advise that there is help available for those who are currently not up to date with their payment and lodgment obligations.

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( Posted in: Tax )

Understanding Your Profit & Loss and Balance Sheet Statements

Understanding Your Profit & Loss and Balance Sheet Statements

As a business owner it’s crucial that you keep track of your finances. You don’t need to be an expert on all the reporting if you have a bookkeeper who assists you, but you do need to keep an eye on two key reports to know that you have control of your company’s financial health.

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( Posted in: Tax )

Update on Temporary Full Expensing – Will It Affect Your Business?

Update on Temporary Full Expensing – Will It Affect Your Business?

Temporary full expensing (‘TFE’) provides support for businesses, and it encourages investments. Is your business eligible to claim an immediate tax deduction for the cost of an asset this financial year? Let’s look at the impacts of the Temporary Full Expensing rules for small to medium enterprises.

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( Posted in: Tax )

Checklist for Starting a Business

Checklist for Starting a Business

All businesses start with a skill, idea or opportunity. But you’ll need more than this to make your business successful. Planning, skills, people, time – and luck – are all important.

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( Posted in: Tax )

How Much Can I Claim on My Motor Vehicle?

How Much Can I Claim on My Motor Vehicle?

If you're using your personal car for work purposes, you may eligible to claim the expenses associated to this. Find out about the rules and claiming methods available.

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( Posted in: Tax )

2022: The year ahead

2022: The year ahead

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. 

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( Posted in: Tax )

The ‘Backpacker Tax’ and the High Court

The ‘Backpacker Tax’ and the High Court

The High Court has ruled that the ‘backpacker tax’ is discriminatory. We look at the impact.

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( Posted in: Tax )

The Basics of Business Activity Statements (BAS)

The Basics of Business Activity Statements (BAS)

Let's look at the basics of BAS. Depending on the size of your business, you will need to complete and lodge a BAS form between one and twelve times a year. 

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( Posted in: Tax )

If Santa was an Australian tax resident

If Santa was an Australian tax resident

A lighter look at the complexity of Australian taxation laws and the year that has been.

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( Posted in: Tax )