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 debt that has been on-hold,
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, "creating jobs, boosting
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, and shares. In general,
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 1 July
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 deduction. But, there are a
Yesterday, Tas Demos & Gede Barone, BDH Leaders Principals, presented a webinar on Tax Planning. For those who were unable to make it, or for those who would like to review the information, above are the links to the webinar recording and slides. The material and contents provided in this webinar are informative in nature only.
Reminder: as of today, a Director ID is now required prior to incorporating a company. Also, if you have been appointed as a Director since 1 November 2021, it is imperative that you apply for a Director ID. Failure to do so could result in serious penalties. Last year, we shared an article summarising these
Last night the Treasurer, Josh Frydenberg, handed down the Federal Budget. In delivering his Budget, he said, “events abroad are pushing up the cost of living at home” as he announced “temporary, targeted and responsible” financial support. With an election expected on 14 May, as predicted, this stimulus Budget includes initiatives to address the rising
The Federal Budget will be released on Tuesday, 29 March 2022. Not only is this an election Budget, so lots of good news, but it is a Budget coming off the back of a pandemic (and the debt required to keep the country running during the pandemic), and a series of extreme emergency events. On
NSW Government has just announced a number of support packages available for eligible businesses in declared disaster areas. Following is their summary for your convenience. Financial Support Small business and not-for-profit organisations Disaster recovery grant – up to $50,000 to help pay for the cost of clean-up and resuming operations. Disaster recovery allowance –
