Latest News

  • Tax Bulletin – June 2021
    Parliament was sitting in June and so a large number of tax and superannuation legislation has now been passed. There have also been some case decisions that are of relevance to SMEs, including on superannuation guarantee and non-residents deriving capital gains via a discretionary trust. LEGISLATION UPDATE With Parliament sitting this month a large number of Bills have been passed. Treasury […]
  • Tax Bulletin – May 2021
    During May, work-related expenses have again been in the spotlight. An AAT case in relation to work-related expenses has denied voluntary travel costs as a deduction, as it was not directly related to producing assessable income. In addition, the ATO has warned taxpayers not to ‘copy and paste’ prior deductions as circumstances have changed due to Covid-19.  For these and […]
  • Federal Budget – Snapshot for SMEs and Individuals
    The Government has handed down its 2021/22 Federal Budget with tax measures mainly aimed at supporting recovery, rather than implementing substantial changes. Individuals will obtain the benefit of the extended LMITO, while the temporary full expensing and loss carry back measures have been extended for businesses. There have been some key changes to superannuation announced, which will assist retirees in contributing more funds […]
  • Tax Bulletin – April 2021
    The ATO has released its Decision Impact Statement regarding the Apted case, in which it accepts it has exercised its discretion for JobKeeper and Cashflow Boost purposes too narrowly. This opens up an avenue for review for a significant number of taxpayers. Further details of this and other updates are in our April tax bulletin. LEGISLATION UPDATE Retraining benefits—FBT exemption Draft […]
    The ATO have released the long-awaited guidance on the allocation of profits within professional services firms, together with an updated ruling on the personal services income rules. These rulings are an important read for accountants as it relates to both their own firm and to all clients in professional services industries. These and other updates are in our March Tax […]