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The ATO’s Attack on Trusts and Trust Distributions

Late last month, the Australian Taxation Office (ATO) released a package of new guidance material that directly targets how trusts distribute income. Many family groups will pay higher taxes (now and potentially retrospectively) as a result of the ATO’s more aggressive approach.

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The ATO’s Attack on Trusts and Trust Distributions
( Posted in: Tax )

Federal Budget 2022-23

The Federal Budget has been brought forward to 29 March 2022. With the pandemic and the war in Ukraine we have seen a lot less commentary this year about what to expect in the Budget.

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Federal Budget 2022-23
( Posted in: Tax )

Professional Services Firm Profits Guidance Finalised

The Australian Taxation Office’s finalised position on the allocation of profits from professional firms starts on 1 July 2022.

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Professional Services Firm Profits Guidance Finalised
( Posted in: Tax )

Pandemic Leave Disaster Payments rules change

The rules for the Pandemic Leave Disaster Payment, the payment accessible to those who have lost work because they have had to self-isolate with COVID-19, or are caring for someone who contracted it, changed on 18 January 2022. 

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Pandemic Leave Disaster Payments rules change
( Posted in: Tax )

PCR and RAT tests to be tax deductible, FBT free

The Treasurer has announced that PCR and rapid antigen tests (RAT) will be tax deductible for individuals and exempt from fringe benefits tax (FBT) for employers if purchased for work purposes.

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PCR and RAT tests to be tax deductible, FBT free
( Posted in: Tax )

ATO assistance for those with overdue payments and lodgments

A reminder has been released from the Australian Taxation Office to advise that there is help available for those who are currently not up to date with their payment and lodgment obligations.

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ATO assistance for those with overdue payments and lodgments
( Posted in: Tax )

Understanding Your Profit & Loss and Balance Sheet Statements

As a business owner it’s crucial that you keep track of your finances. You don’t need to be an expert on all the reporting if you have a bookkeeper who assists you, but you do need to keep an eye on two key reports to know that you have control of your company’s financial health.

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Understanding Your Profit & Loss and Balance Sheet Statements
( Posted in: Tax )

Update on Temporary Full Expensing – Will It Affect Your Business?

Temporary full expensing (‘TFE’) provides support for businesses, and it encourages investments. Is your business eligible to claim an immediate tax deduction for the cost of an asset this financial year? Let’s look at the impacts of the Temporary Full Expensing rules for small to medium enterprises.

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Update on Temporary Full Expensing – Will It Affect Your Business?
( Posted in: Tax )