07 5537 7700
Shop 2/385 Oxley Drive, Runaway Bay QLD 4216
PO Box 22, Runaway Bay Qld 4216
Queensland Land Tax Back Flip “Last month’s issue we made you aware of the Queensland Government law change, allowing them to increase the Land Tax payable on Land Held in Queensland by using the value of Land Held in other States in calculating the amount payable.The Queensland Government has recently announced they are abolishing this […]
Read MoreMore COVID-19 business grants are now tax-free The Federal Government has expanded the list of State and Territory COVID-19 grant programs that may be tax-free to eligible businesses. A State or Territory Government COVID-19 grant payment will generally be tax-free if: 1. the payment is received under a grant program that is formally declared to […]
Read MoreATO’s small business focus for 2022 income year The ATO announced that it will be focusing on the following matters for small business tax returns for the 2021/22 year: Deductions that are private in nature and not related to business income, as well as over claiming of business expenses (especially for taxpayers running a home-based […]
Read MoreATO priorities this tax time The ATO has announced four key areas that it will be focusing on for Tax Time 2022: Record-keeping. Work-related expenses. Rental property income and deductions. Capital gains from crypto assets, property, and shares. Before claiming income tax deductions for their expenses, taxpayers must ensure: they spent […]
Read More2022-2023 Budget Measures that are now lawLow and Middle Income Tax Offset A measure that will no doubt be beneficial for individual taxpayers is the increase in the Low and Middle Income Tax Offset (‘LMITO’) for the 2022 income year by $420. The LMITO is a tax offset which reduces an individual taxpayer’s tax liability. […]
Read MoreTax 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 […]
Read MoreAs 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. READ MORE HERE
Read MoreSuper 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 […]
Read MorePreparing 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 […]
Read MoreExtra 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 […]
Read More