Program Overview
The Victorian Government announced the $5 million Specialist Advice Pathways Program as part of the 2022-23 State Budget. The program supports established employing businesses who have remained in business despite the challenges presented by COVID-19. To do this they have had to re-invest, change core business activities, or limit […]
The RBA lifted the cash rate to 1.85% in early August 2022. The increase comes a few weeks after Reserve Bank Governor Philip Lowe told the Australian Strategic Business Forum that “…we’re going through a process now of steadily increasing interest rates, and there’s more of that to come. We’ve […]
The ATO has released updated information on claiming cryptocurrency losses and gains in your tax return.The first point to understand is that gains and losses from crypto are only reported in your tax return when you dispose of it – you sell it, convert it to fiat currency, exchange it […]
New legislation before Parliament, if enacted, will make zero or low emission vehicles FBT-free. We explore who can access the concession and how.
Electric vehicles (EV) represent just under 2% of the new car market in Australia but it is a rapidly growing sector with a 62.3% jump in new EV […]
Climate change featured heavily during the election and now the Albanese Government is putting into place some of the promises it made. We look at the current state of play and the likely impact.
The Government’s Climate Change Bill passed the House of Representatives in early August and is now before […]
A reminder of what changed on 1 July 2022
Business
Superannuation guarantee increased to 10.5%$450 super guarantee threshold removed for employees aged 18 and overSmall business GST and PAYG tax instalments lowered (the total tax liability remains the same, just the amount the business needs to pay through the year is lowered)ATO […]
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 have made […]
The ATO has not pursued many business tax debts during the pandemic and allowed tax refunds to flow through even if the business had a tax debt. That position has now changed and the ATO has resumed debt collection and offsetting tax debts against refunds. If you have a tax […]
Anthony Albanese has been sworn in as Australia’s 31st Prime Minister and a Government formed. We look at what we know so far about the policies of the new Government in an environment with plenty of problems and no easy fixes.
The Economy
The Government has stated that its economic priority is, […]
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-keepingWork-related expensesRental property income and deductions, andCapital gains from crypto assets, property, and shares.
In general, there […]
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