Latest News

  • TAX BULLETIN – JULY 2022
    In the first sitting of the new Government, the legislation providing an FBT exemption for electric cars has been introduced. Further, the ATO have finalised the Taxation Ruling on Division 7A and Unpaid Present Entitlements, which has changed from the draft issued in February. LEGISLATION UPDATE Pandemic Relief Disaster Payment The Government has agreed to reinstate the Pandemic Leave Disaster […]
  • TAX BULLETIN – JUNE 2022
    As we start a new financial year, there is a lot on the agenda for the new Government, and the TIA has provided a brief on priority of items. Further, practitioners and clients should be aware of what’s new from 1 July 2022, particularly in superannuation. LEGISLATION UPDATE Tax Treatment of Cryptocurrency The Government has announced it will legislate to […]
  • TAX BULLETIN – MAY 2022
    During May, we have seen an increase in ATO activity, including in debt recovery action. Further, ATO focus areas for 2022 have been announced for individuals and private groups. ELECTION UPDATE Labor Tax Policies During the election campaign the now Labor government announced that it would introduce measures to tackle multinational tax avoidance by: – Implementing the OECD’s solution for […]
  • TAX BULLETIN – APRIL 2022
    During April, there have been two interesting cases on work-related deductions, allowing taxpayers deductions that were denied by the ATO. The Federal Election campaign has seen both parties hold back on any serious tax reform, with many of the policies relying on already implemented tax changes. For these and other updates, read our April Tax Bulletin. LEGISLATION UPDATE Lapsed and […]
  • FEDERAL BUDGET SNAPSHOT FOR SMES AND INDIVIDUALS
    The Government has handed down its 2022/23 Federal Budget with tax measures aimed at assisting with cost of living increases and business cash flow rather than implementing substantial changes. Personal measures Low and middle income tax offset (‘LMITO’) Referred to as the ‘Cost of Living Tax Offset’, the Government will increase the LMITO for the 2021-22  income year by $420. […]