Practice Update – November 2023

Practice Update – November 2023

Tax issues for businesses that have received a support payment  Taxpayers who have received a government support grant or payment recently to help their business recover from COVID-19 or a natural disaster should check if they need to include the payment in their...
Practice Update – September 2023

Practice Update – September 2023

Appointing an SMSF auditor The ATO reminds SMSF trustees that they need to appoint an approved SMSF auditor for each income year, no later than 45 days before they need to lodge their SMSF annual return. An SMSF’s audit must be finalised before the trustees lodge...
Practice Update – July 2023

Practice Update – July 2023

Court penalises AMP $24 million for charging deceased customers  The Federal Court has found that four companies that are or were part of the AMP Group breached the law when charging life insurance premiums and advice fees from the superannuation accounts of more...
Practice Update – September 2022

Practice Update – September 2022

More COVID-19 business grants are now tax-free The Federal Government has expanded the list of State and Territory COVID-19 grant programsthat may be tax-free to eligible businesses.A State or Territory Government COVID-19 grant payment will generally be tax-free if:...
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...