Practice Update – May 2022

Practice Update – May 2022

No reduction in the Private Health Insurance rebate as of 1 April 2022 An event that we have become accustomed to every 1 April, is that the amount of the Private Health Insurance (‘PHI’) rebate decreases. The Australian Government rebate on PHI is annually indexed on...
Practice Update – April 2022

Practice Update – April 2022

2022-2023 Budget Measures that are now law Low and Middle Income Tax Offset A measure that will no doubt be beneficial for individual taxpayers is the increase in the Low and Middle Income Tax Offset (‘LMITO’) for the 2022 income year by $420. The LMITO is a tax...
Practice Update – March 2022

Practice Update – March 2022

Tax deductibility of COVID-19 test expenses After much speculation, the Government announced that COVID-19 tests, including Polymerase Chain Reaction (‘PCR’) and Rapid Antigen Tests (‘RATs’), will be both: tax-deductible; andexempt from FBT; broadly where they are...
Practice Update – December 2021

Practice Update – December 2021

Super is now following new employees  The ATO is reminding employers that, as of 1 November 2021, there is an extra step they may need to take to comply with the choice of super fund rules.  If a new employee does not choose a super fund, most employers will need...