by Craig | Jul 9, 2022 | ATO, Practice Update, SMSF, Superannuation, Tax Return
ATO’s small business focus for 2022 income year The ATO announced that it will be focussing on the following matters for small business tax returns for the 2021/22 year: Deductions that are private in nature and not related to business income, as well as overclaiming...
by Craig | Jun 3, 2022 | ATO, GST, Tax Return
ATO priorities this tax time The ATO has announced four key areas that it will be focusing on for Tax Time 2022: Record-keeping.Work-related expenses.Rental property income and deductions.Capital gains from crypto assets, property, and shares.Before claiming income...
by Craig | May 4, 2022 | ATO, Practice Update, Tax Return
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...
by Craig | Apr 6, 2022 | ATO, COVID-19
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...
by Craig | Mar 6, 2022 | ATO, Federal Budget,, SMSF, Superannuation
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...
by Craig | Feb 2, 2022 | ATO, COVID-19, JobKeeper Payment
ATO support for businesses in difficult times The ATO has reminded taxpayers that it has a range of support available for small businesses experiencing difficult situations, such as natural disasters, mental health challenges or financial hardship. ...
Recent Comments