It’s Going to Cost How Much?!
Have you noticed the cost everything lately? For me, it was really hammered home when I last filled the car up. For those of you joining me in the ranks of having a diesel, the cost per litre about 12 months ago was circa $0.75, fast forwards to now and you’re struggling to find it […]
Cryptocurrency
Cryptocurrencies. Unarguably a new area of investment in the world and one in which many have struggled to quantify the tax consequences of. After many years of very little guidance from the Australian Taxation Office (‘ATO’), we have in recent months seen an outpouring of communication from them putting us on notice. They are finally […]
Foreign Income
Foreign income. An area which can cost the uninitiated dearly. Many (many) years ago, it was simple, if you worked and earned money overseas, and it was taxed in that jurisdiction, broadly speaking, that income was exempt from tax in Australia. Fast forward 10 years or so and it’s a different story. So here’s a […]
Benefits of Tax Planning
Tax planning is legal when you do it within the intent of the law. However, the Australian Taxation Office (‘ATO’) imposes harsh penalties for those businesses that undertake tax minimisation schemes outside the spirit of the law. The ATO refers to these schemes as tax avoidance schemes or arrangements. Australians have seen significant changes in […]
End of JobKeeper
The Australia Government’s JobKeeper Scheme has been of great support to businesses nationwide during the pandemic. The JobKeeper Scheme was a supportive measure put in place during the start of the COVID-19 pandemic. The scheme provided substantial cash and employment support to impacted businesses across Australia through 2020. From 28 March 2021, the JobKeeper Scheme […]
Tax Planning, More Important than you First Think
Tax. When the topic rears it’s ugly head in most arenas (from the dinner table to the boardroom), the image of tax returns and possibly financial statements looms large, together with a massive yawn then panic about what needs to be paid. But tax itself is a much larger and far wider reaching topic than […]
The Power of Budgeting
Budgeting. Not exactly the sexiest topic on the planet, and I must say the one thing many businesses overlook, but it should be done and updated…annually. Persuading a business of the need to prepare a budget each year is nigh-on impossible, but every entity from the government (May every year), through listed entities, right down […]
The Ins and Outs of the Loss Carry Back Measures
So I’m going to caveat today’s article by saying, I normally shy away from making articles too technical, let’s face it, they’re boring. Today though I’m sailing a little into the wind with it. The provisions I will cover may be extremely useful to some and possibly make the difference between continuing their business and […]
Tax Ruling 2020/1 and what it means for Work Related Expenses
Who thought a tax ruling could stir up quite as much controversy as this one has but if any topic is going to do it, work-related expenditure is the one. This new tax ruling has made a lot of people unhappy and as we would expect, have been questioning the ATO. This isn’t anything new, […]
Implications of the Increase to the Small Business Turnover Test
With the implications of the increase to the small business turnover test and the circulation of Fringe Benefit Tax (‘FBT’) being called out date and old fashioned, we all wonder how long FBT will be around for. The increase of the small business entity turnover threshold has been increased from $10 million to $50 million […]