Categories
Latest News
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.
... read moreAre your donation claims tax-deductible?
The ATO have advised to check your paperwork before claiming deductible contributions.
... read moreTop 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.
... read moreWhere 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.
... read moreThe 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.
... read moreAre 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.
... read moreTemporary 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.
... read moreImmediate 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.
... read moreWhat 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.
... read moreKids 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.
... read moreThe 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.
... read moreFederal 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.
... read moreProfessional 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.
... read morePandemic 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.
... read moreYear 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.
... read morePCR 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.
... read moreATO 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.
... read moreUnderstanding 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.
... read moreUpdate 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.
... read moreChecklist 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.
... read moreHow 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.
... read more2022: 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.
... read moreThe ‘Backpacker Tax’ and the High Court
The High Court has ruled that the ‘backpacker tax’ is discriminatory. We look at the impact.
... read moreThe 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.
... read moreIf Santa was an Australian tax resident
A lighter look at the complexity of Australian taxation laws and the year that has been.
... read more