13 May, 2022

Temporary full expensing of assets extended

Businesses will have another year to utilise the temporary full expensing of depreciating assets measure after it was extended to end on 30 June 2023. The measure was originally introduced…

2 May, 2022

Last chance to claim the loss carry back

Businesses that need a little more financial help will have one last opportunity to claim the loss carry back in their 2021-22 income tax return. To recap, the loss carry…

13 Apr, 2022

SMSFs investing in crypto-assets

According to ASIC, there has been surge of promoters encouraging individuals to set up SMSFs in order to invest in crypto-assets. It warns that crypto-assets are high risk and speculative,…

31 Mar, 2022

Federal Budget – March 2022

PERSONAL TAXATION Personal tax rates unchanged for 2022–2023 In the Budget, the Government did not announce any personal tax rates changes. The Stage 3 tax changes commence from 1 July…

28 Mar, 2022

Tax debts may affect business credit score

The ongoing COVID-19 pandemic has caused uncertainty in many parts of the economic and has led to what many experts term a “two-speed economy”, while some businesses are recovering well,…

10 Mar, 2022

COVID-19 tests may be deductible?

The government has proposed to make COVID-19 tests, both rapid antigen and polymerase chain reaction tests, tax deductible for individuals where they are purchased for a work-related purpose. It has…

25 Feb, 2022

Overview of small business CGT concessions

Recently, the ATO has noticed that some larger and wealthier businesses have mistakenly claimed small business CGT concessions when they weren’t entitled. By incorrectly applying the concessions these businesses were…

9 Feb, 2022

IP insurance in super: beware of offsets

In Australia, around 7 out of the 20 largest MySuper products provide default income protection insurance on an opt-out basis. While income protection insurance has the advantage of providing individuals…

3 Feb, 2022

More COVID support for business: NSW, SA, Vic

The State governments of NSW, South Australia (SA) and Victoria have introduced new measures and/or extended existing measures to help the businesses in their respective States survive the disruption caused…

27 Jan, 2022

Are cryptocurrency losses from scams deductible?

As investing in cryptocurrency becomes more popular in Australia, there is also a corresponding increase in the amount of scams being reported. Due to the unregulated nature of cryptocurrency and…