Latest News

  • Tax Bulletin – August 2021
    The Treasurer has declared the latest State Government Covid-19 grants to be tax-free, whilst the ATO has issued a draft Tax Ruling on the deductibility of holding costs on vacant land. A taxpayer has also successfully argued at the AAT that they are carrying on a rental property business. STIMULUS UPDATE State Government grants The Victorian Government has announced further extensions […]
  • Tax Bulletin – July 2021
    With more lockdowns in July, there have been further stimulus measures introduced. On the ATO front, it has now finalised the Law Companion Ruling in regard to the application of the NALE rules to superannuation funds, which requires trustees to ensure all expenditure is occurring on arm’s length terms. STIMULUS UPDATE Additional State Government grants The Victorian Government has announced further […]
  • 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 […]