Tax

Immediate Deductions Extended

Legislation passed by Parliament last month extends the Temporary Full Expensing rules to cover assets that are first used or installed ready for use by 30 June 2023.

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Immediate Deductions Extended
( Posted in: Tax )

What is a Director Identification Number? | Why do I Need a DIN?

Pat Mannix talks about Director Identification Numbers (DIN). What is a DIN? Why do the directors of Australian companies need one? What date do you need to apply by? Pat answers all of these questions in this informative short video.

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What is a Director Identification Number? | Why do I Need a DIN?
( Posted in: Tax )

Kids Over 18 in a Family Trust | Distributions

Pat Mannix talks about the distribution and tax changes that occur within a Family Trust once a child is over 18 years old. Check out this informative short video.

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Kids Over 18 in a Family Trust | Distributions
( Posted in: Tax )

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 )

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 )

Year of the Tiger: Roaring or Bellowing?

The 2022 Luna New Year, Year of the Tiger, is courage and bravery. It is a year to drive out evil and one of momentum and change. The message; walk boldly with courage. And it seems the Reserve Bank Governor is aligned with this sentiment.

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Year of the Tiger: Roaring or Bellowing?
( Posted in: Community )

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 )