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Tax

Business news and views from Accountancy Group

News relating to tax

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

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

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.There has been confusion over the tax treatment of RAT tests with the Prime Minister stating for some time that […]

By |16 February, 2022|Tax|Comments Off on PCR and RAT tests to be tax deductible, FBT free

The ‘Backpacker Tax’ and the High Court

The High Court has ruled that the ‘backpacker tax’ is discriminatory. We look at the impact.Since 2017, the ‘backpacker tax’ has taxed the first dollar of income a backpacker earns in Australia – regardless of their residency status – at the working holiday maker tax rate of 15% up to: 

$37,000 […]

By |8 December, 2021|Tax|Comments Off on The ‘Backpacker Tax’ and the High Court

The top Christmas tax questions

Every year, we are asked about the tax impact of various Christmas or holiday related gestures. Here are our top issues:

Staff gifts

The 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 […]

By |8 December, 2021|Tax|Comments Off on The top Christmas tax questions

If Santa was an Australian tax resident

A lighter look at the complexity of Australian taxation laws and the year that has been.

Merry Christmas

Our office will be closing Wednesday, 22 December 2021 at 5pm and re-opening Monday, 10 January 2021 at 9am.The Directors and Staff of Accountancy Group wish you a Merry Christmas and a happy and safe […]

By |8 December, 2021|Tax|Comments Off on If Santa was an Australian tax resident

Overseas gifts and loans in the spotlight

The ATO has recently issued an alert on gifts or loans from overseas. The ATO is particularly concerned about schemes and arrangements designed specifically to circumvent Australian tax laws. In general, Australian-resident taxpayers need to declare their worldwide income in their Australian tax return. Some schemes however disguise offshore capital […]

By |23 November, 2021|Tax|Comments Off on Overseas gifts and loans in the spotlight
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