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Tax News

Tax Update

How to sell your business

We’re often asked the best way to sell a business. There are two key components at play in the sale of a business: structuring the transaction; and positioning the business to the market. Both elements are important and can significantly impact your result. Structuring the transaction covers areas such as pricing the business, the

2022-10-04T04:58:18+00:00September 22nd, 2022|Categories: ATO Update, Tax News|Tags: |

Tax & your family home

Tax & your family home Everyone knows you don’t pay tax on your family home when you sell it…right? We take a closer look at the main residence exemption that excludes your home from capital gains tax and the triggers that reduce or exclude that exemption. Capital gains tax (CGT) applies to gains you

2022-10-04T04:59:06+00:00July 22nd, 2022|Categories: ATO Update, Tax News|Tags: |

FY2022 Tax Time Targets

Tax Time Targets The ATO has flagged four priority areas this tax season where people are making mistakes. With tax season almost upon us the Australian Taxation Office (ATO) has revealed its four areas of focus this tax season. Record-keeping Work-related expenses Rental property income and deductions, and Capital gains from crypto assets, property,

2022-10-04T05:10:03+00:00June 22nd, 2022|Categories: ATO Update, Tax News|Tags: |

The top Christmas tax questions

The top Christmas tax questionsEvery year, we are asked about the tax impact of various Christmas or holiday-related gestures. Here are our top issues:. Staff giftsThe key to Christmas presents for your team is to keep the gift spontaneous, ad hoc, and from a tax perspective, below $300 per person. $300 is the minor benefits threshold

2022-04-14T04:01:01+00:00December 14th, 2021|Categories: Tax News|Tags: , , |

$450 per month threshold for super guarantee eligibility removed

$450 per month threshold for super guarantee eligibility removed Currently, employees need to earn $450 per month to be eligible to be paid the superannuation guarantee. This threshold will be removed so all employees will be paid super guarantee regardless of their income earned. The Retirement Income Review estimated that around 300,000 individuals would receive

Temporary loss-carry back extension – 21/22 Budget issues

Companies with an aggregated turnover of less than $5 billion will be able to carry back losses from the 2019-20, 2020-21, 2021-22 and 2022-23 income years to offset previously taxed profits in the 2018-19, 2019-20, 2020-21 and 2021-22 income years. Under this measure tax losses can be applied against taxed profits in a previous year,

2022-04-14T05:28:43+00:00May 17th, 2021|Categories: Accounting News, Financial News, Tax News|Tags: , , , |

Temporary full expensing extension – 2021/22 Federal Budget issues

Temporary full expensing extension Businesses with an aggregated turnover of less than $5 billion will be able to continue to fully expense the cost of new depreciable assets and the cost of improvements to existing eligible assets in the first year of use. Introduced in the 2020-21 Budget, this measure will enable an asset’s cost

2021/22 Critical Federal Budget issues – You & Your Family

The 2021-22 Federal Budget has been handed down by Treasurer Josh Frydenberg. 5 eca Budget update covers some of critical issues that could impact you and your family. Low and middle income tax offset extended As widely predicted, the Low and Middle Income Tax Offset (LMITO) will be extended for another year. The LMITO

Federal Budget 2021-22: The Balancing Act Budget

The 2021-22 Federal Budget has been handed down by Treasurer Josh Frydenberg. This Federal Budget is a balancing act between a better than anticipated deficit ($106 bn), an impending election, and the need to invest in the long term. It is also a human budget (cynics would say voter focussed), with $17.7 billion dedicated to

2021-05-19T03:21:13+00:00May 17th, 2021|Categories: Accounting News, Financial News, Tax News|Tags: , |

ATO signals crackdown on 4 ineligible work-from-home claims(Summary of Accounting Daily article)

Taxpayer Should be careful when they claim home office expenses in their tax returns. ; below are the only summary of Accounting daily article by John Buckley(john.buckley@momentummedia.com.au) Summary: four key ineligible work-from-home claims Personal expenses like coffee, tea and toilet paper ==> aren’t directly related to earning income Expenses related to a laptop, as well

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