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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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STIMULUS PACKAGE SUMMARY 2020

Am I eligible for the cash flow boost? A business (including a charity or not-for-profit) will be eligible for the cash flow boost if it meets the following conditions. The business must make a payment that is subject to the withholding tax provisions (the most common example will be payments of salary or wages). The […]

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PPSR seven year registrations: Time to renew?

The Personal Properties Securities Register (PPSR) will be seven years old on 30 January 2019; accordingly, security interests with seven year registration periods will, unless renewed, expire from 30 January 2019. The seven year security interest is the most common registration period and is the maximum period of registration for goods with a serial number […]

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Your Money Matters – June 2017

Budget Update The Government handed down the 2017/18 Federal Budget on Tuesday 9th May 2017. The Budget proposes (among several other changes) to increase the Medicare Levy by 0.5% to 2.5% from 1 July 2019 (and tax and withholding rates that are linked to the highest marginal income tax (e.g., FBT) will also increase from […]

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Your Money Matters May 2017

Company tax cuts pass the Senate with amendments Editor: After a marathon few days of extended sittings (the last before the Federal Budget in May), the Government finally managed to get its company tax cuts through the Senate, but it was not without compromise. The following outlines the final changes to the law, as passed […]

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