05

Aug

July 2021 Newsletter

Avoid common mistakes in your business return, and include appropriate income We know you want to get your tax right, so it may help you this tax time to know how to avoid making what the ATO has found are the most common tax mistakes. To do this make sure you have: ■ declared all income, including […]

05

Aug

June 2021 Newsletter

The tax treatment of cryptocurrency Cryptocurrencies, once again surging in popularity, have a unique tax treatment that every taxpayer dealing with cryptocurrency should be aware of. It’s been more than 10-years since the advent of bitcoin and the term “cryptocurrency” entered the public consciousness. However, neither bitcoin nor the many thousands of cryptocurrencies that have followed have[…]

04

Aug

May 2021 Newsletter

EOFY tips for your tax plan The financial year is almost over, but there are still effective strategies you may be able to put in place. The aim is to make sure you pay no more tax than you have to for the 2020-21 year and maximise any refunds you may be entitled to. This is still[…]

03

Aug

April 2021 Newsletter

Some money is not counted as ‘income’ by the ATO It is possible to receive amounts that are not expected by the ATO to be included as income in your tax return. However some of these amounts may be used in other calculations, and may therefore need to be included elsewhere in your tax return. The ATO[…]

10

Mar

March 2021 Newsletter

Update your ABN … or miss out! Government agencies regularly access data contained in the ABN registration, and where this is not up-to-date the taxpayer may be missing out on stimulus measures, grants, and other government support. This became painfully evident during the 2019-20 bushfires, and is now re-surfacing during COVID-19 when it was found that a[…]

04

Feb

February 2021 Newsletter

JobMaker hiring credit: What you need to know The JobMaker Hiring Credit scheme was passed into law in mid- November 2020. JobMaker was part of the 2020-21 Federal Budget, and will operate until 6 October 2021. It is designed to improve the prospects of young individuals getting employment, by incentivising employers to hire them, following the devastating[…]

25

Jan

December Newsletter 2020

A run-down of the new loss carry back measure The last Federal Budget carried with it a number of tax changes that were designed to assist the Australian economy recover from the impact of the COVID-19 pandemic. Among the changes announced was the temporary re-introduction of the loss carry back rules for corporate tax entities (it was[…]

22

Jan

November Newsletter 2020

What the “full expensing” write-off deduction means for business The Federal Budget measure of allowing businesses to fully write-off eligible assets is a boon to Australian businesses, even though the measure is temporary. Just to recap, businesses with aggregated annual turnover of less than $5 billion will be able to deduct the full cost of eligible capital[…]