Blog

YOUR MONEY MATTERS MARCH 2022

Tax deductibility of COVID-19 test expenses After much speculation, the Government announced that COVID-19 tests, including Polymerase Chain Reaction (‘PCR’) and Rapid Antigen Tests (‘RATs’), will be both:    tax-deductible; and    exempt from FBT; broadly where they are purchased for work-related purposes. This will require the introduction of new specific legislation (i.e., to clarify […]

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YOUR MONEY MATTERS DECEMBER 2021

Super is now following new employeesThe ATO is reminding employers that, as of 1 November 2021, there is an extra step they may need to take to comply with the choice of super fund rules. If a new employee does not choose a super fund, most employers will need to request the employee’s ‘stapled super […]

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YOUR MONEY MATTERS NOVEMBER 2021

Preparing for the new Director ID regime As part of its Digital Business Plan, the Government announced the full implementation of the ‘Modernising Business Registers’ program.  This included recently enacted legislation introducing the new director identification number (‘director ID’) regime. The director ID is a unique identifier that a director will need to apply for […]

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YOUR MONEY MATTERS OCTOBER 2021

Extra super step when hiring new employees Employers may soon need to do something extra when a new employee starts to work for them.Currently, if a new employee does not choose their own fund, their employer can pay contributions for them to a default fund. From 1 November 2021, if a new employee does not […]

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YOUR MONEY MATTERS AUGUST 2021

Reminder of superannuation caps indexation for 2022 From 1 July 2021, the superannuation contributions caps have been indexed for the 2022 income year. The new concessional contributions cap for the 2022 financial year is now $27,500 (increased from $25,000). The new non-concessional (i.e., non-deductible) contributions cap for the 2022 financial year is now $110,000 or […]

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Your Money Matters June 2021

Cryptocurrency under the microscope this tax time The ATO is concerned that many taxpayers believe their cryptocurrency gains are tax-free, or only taxable when the holdings are cashed back into Australian dollars. ATO data analysis shows a dramatic increase in trading since the beginning of 2020, and has estimated that there are over 600,000 taxpayers […]

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Your Money Matters – March 2021

We are happy to announce one of our Accountant’s Emma Todd will be marrying in May this year! Emma’s Wedding was cancelled last year due to Covid restrictions To celebrate the wedding of Emma and Michael our office will be closed on Thursday the 13th May 2021 ATO Changes to Single Touch Payroll reporting from […]

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ATO Dates For 2021

Key Dates to Remember in 2021 As some dates may vary, please ensure you contact the Australian Taxation Office to check any dates in question. When the due date for lodgment or payment falls on a Saturday, Sunday, or Public holiday, it may be done on the next business day. 15 January 2021 Lodge Tax Return […]

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