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So far Helen Tsirmiris has created 70 blog entries.

ATO ramps up heat on directors

Throughout March, the ATO sent letters to directors who are potentially in breach of their obligations to ensure that the company they represent has met its PAYG withholding, superannuation guarantee charge, or GST obligations.These letters are a warning shot and should not be ignored.The director penalty regime ensures that directors are […]

By |11 May, 2022|Business|Comments Off on ATO ramps up heat on directors

What’s changing on 1 July 2022?

A series of reforms and changes will commence on 1 July 2022. Here’s what is coming up:

For business

Superannuation guarantee increase to 10.5%

The Superannuation Guarantee (SG) rate will rise from 10% to 10.5% on 1 July 2022 and will continue to increase by 0.5% each year until it reaches 12% on […]

By |11 May, 2022|Tax|Comments Off on What’s changing on 1 July 2022?

Can I claim a tax deduction for my gym membership?

There are lots of reasons to keep fit but very few of them have to do with how we earn our income. As a result, a tax deduction for a gym membership isn’t available to most people. And yes, the Tax Office has heard all the arguments before about how […]

By |11 May, 2022|Tax|Comments Off on Can I claim a tax deduction for my gym membership?

Fuel tax credit changes

The Government temporarily halved the excise and excise equivalent customs duty rates for petrol, diesel and all other petroleum-based products (except aviation fuels) for 6 months from 30 March 2022 until 28 September 2022. This has caused a reduction in fuel tax credit rates.During this 6 month period, businesses using […]

By |11 May, 2022|Tax|Comments Off on Fuel tax credit changes

The 120% deduction for skills training and technology costs

It’s a great headline isn’t it? Spend $100 and get a $120 tax deduction. Days after the Federal Budget announcement that businesses will be able to claim a 120% deduction for expenditure on training and technology costs, we started receiving marketing emails encouraging us to spend now to access the […]

By |11 May, 2022|Business|Comments Off on The 120% deduction for skills training and technology costs

Budget 2022-23 ‘D​【7 m】on’t Rock The Boat’

This is a safe, ballot box friendly Budget as expected with a focus on jobs, cost of living, home ownership, and health.

Key initiatives include: 

A 6 month, 50% reduction in fuel excise with effect from midnight Budget nightA $420 cost of living tax offset for low and middle income earners from […]

By |9 April, 2022|Federal Budget|Comments Off on Budget 2022-23 ‘D​【7 m】on’t Rock The Boat’

Are Your Contractors Really Employees?

Two landmark cases before the High Court highlight the problem of identifying whether a worker is an independent contractor or employee for tax and superannuation purposes.Many business owners assume that if they hire independent contractors they will not be responsible for PAYG withholding, superannuation guarantee, payroll tax and workers compensation […]

By |10 March, 2022|Business|Comments Off on Are Your Contractors Really Employees?

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. But, as an election budget, we typically expect to see a series of measures designed […]

By |10 March, 2022|Federal Budget|Comments Off on Federal Budget 2022-23

Immediate Deductions Extended

Temporary full expensing enables your business to fully expense the cost of:  

new depreciable assetsimprovements to existing eligible assets, andsecond hand assets

in the first year of use.Introduced in the 2020-21 Budget and now extended until 30 June 2023, this measure enables an asset’s cost to be fully deductible upfront rather than […]

By |10 March, 2022|Tax|Comments Off on Immediate Deductions Extended

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.

Family trust beneficiaries at risk

The tax legislation contains an […]

By |10 March, 2022|Tax|Comments Off on The ATO’s Attack on Trusts and Trust Distributions
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