Welcome to Tax Matters November 2021. In this we cover the important considerations for businesses with their tax position as we move into 2022. We include: Destination Single Touch Payroll Phase 2. All Aboard Income or Gift? Undeclared Foreign Income The Second Payment Times Reporting The Right Way to Lodge an Objection [...]
Property and tax is a tricky subject that goes beyond these rent relief measures and concessions. As the schemes start to dial back, it’s important to remember that tax and your dealings with property is an ongoing conversation you may need to revisit and reacquaint yourself with. Over the last 18 months, [...]
SME Business Matters | Strategies for your business Sentiments in the SME sector are heading in the right direction after the Delta hiccough. As we emerge from lockdown hibernation and the service and retail sectors open, the long awaited momentum is building. In this edition of SME Business Matters, we discuss: Implementing [...]
If you have disposed of any assets (which can include the loss, destruction or sale of an asset) which are subject to capital gains tax, you need to let us know as soon as possible. These are known as capital gains events, which can affect the way in which a capital gain [...]
Claiming car-related expenses as tax deductions might seem like the easiest way to get a larger return - but it’s also one of the most carefully monitored. Here are a few tips on what you need to watch out for when claiming car-related deductions. Avoid making a wrong turn when making [...]
Did you know that lost receipts are costing 25 per cent of Australian small businesses up to $10,000 a year when it’s tax time? It might not seem like much, but making sure that you have all of your records ready is essential not only for us to do your tax return [...]
An additional 10% capital gains tax (CGT) discount may be available when you sell an Australian residential rental property that you used to provide affordable housing. This move will increase the maximum capital gains discount percentage on your sale from 50% up to 60%. CGT discount for affordable housing For the affordable [...]
Crypto may seem like just another form of money to you, but to the Australian Taxation Office (ATO), it certainly isn’t. From their point of view, cryptocurrency is just another type of asset that people invest in, just like when they invest in shares. The tax treatment is fundamentally the same. If [...]
With the Australian Accounting Standards Board advising Special Purpose Financial Statements will no longer be allowed for certain for-profit private sector entities, it is time to start considering the impact of changing to General Purpose Financial Statements and potentially implementing the change for the financial year ended 30 June 2021. Impacts for-profit [...]