Our Latest Accountancy News

Immediate Deductions Extended

March 14, 2022

Assets, Costings, deductions, Expenses, Small Business

Temporary full expensing enables your business to fully expense the cost of the below listed, in the first year if use: new depreciable assets improvements to existing eligible assets, and second hand assets Introduced in the 2020-21 Budget and now extended until 30 June 2023, this measure enables an asset’s cost to be fully…

The ATO’s Attack on Trusts and Trust Distributions

March 14, 2022

Emma Zajac

General

ATO, Family Trust, Trust Distributions, Trust Income, Trusts

Late last month, the Australian Taxation Office (ATO) released a package of new guidance material that directly targets how trusts distribute income. Many family groups will pay higher taxes (now and potentially retrospectively) as a result of the ATO’s more aggressive approach. Family Trust Beneficiaries at Risk The tax legislation contains an integrity rule, section…

ATO Launches Campaign to Target Tax Withholding on Overseas Royalties

February 28, 2022

Emma Zajac

General

ATO, Overseas Royalties, Tax, Tax Withholding

ATO has embarked on a new campaign to target private wealth groups withholding tax on overseas royalties. The ATO’s International Risk for Private Groups Program has launched a campaign focusing on non-resident withholding tax relating to royalty expenses paid overseas for the 2019 and 2020 income years. Taxpayers who have paid royalties to a non-resident…

What’s coming up for Single Touch Payroll (STP) Phase 2 in Xero

February 21, 2022

Emma Zajac

Small Business

Single Touch Payroll, Small Business, STP, STP Phase 2

Changes are coming about how you manage payroll with Single Touch Payroll (STP) Phase 2. Xero Accounting Software have been busy working in the background to get Xero Payroll updated and ready to help you transition ahead of the compliance date later this year. So if you’re wondering when you’ll need to make changes (or…

Pandemic Leave Disaster Payments rules change

Changes to Pandemic Leave Disaster Payment Rules

February 8, 2022

Emma Zajac

General

COVID, COVID19, employee, Employer, Pandamic Leave Disaster Payment, Small Business

The rules for the Pandemic Leave Disaster Payment, the payment accessible to those who have lost work because they have had to self-isolate with COVID-19, or are caring for someone who contracted it, changed on 18 January 2022. The new rules change the definition of a close contact in line with the harmonised national definition.…

Businesses struggling with the Omicron wave of the pandemic have been offered new grants and support in NSW, SA and WA.

Cash injection for struggling businesses

February 8, 2022

Emma Zajac

General

Government Grants, NSW Businesses, Small Business

Businesses struggling with the Omicron wave of the pandemic have been offered new grants and support in NSW, SA and WA. New South Wales The NSW Small Business Support package provides eligible employing businesses with a lump sum payment of 20% of weekly payroll, up to a maximum of $5,000 per week for the month…

The Treasurer has announced that PCR and rapid antigen tests (RAT) will be tax deductible for individuals and exempt from fringe benefits tax (FBT) for employers if purchased for work purposes.

PCR and RAT tests to be tax deductible, FBT free

February 8, 2022

Emma Zajac

General

PCR, RAT Test, Tax Deductible

The Treasurer has announced that PCR and rapid antigen tests (RAT) will be tax deductible for individuals and exempt from fringe benefits tax (FBT) for employers if purchased for work purposes. There has been confusion over the tax treatment of RAT tests with the Prime Minister stating for some time that they are tax deductible,…

Professional Services Firm Profits Guidance Finalised

February 8, 2022

Emma Zajac

General

ATO, Professional Services Firm, Profit Allocation, Tax, tax office, Tax Rate

The Australian Taxation Office’s finalised position on the allocation of profits from professional firms starts on 1 July 2022. The ATO’s guidance uses a series of factors to determine the level of risk associated with profits generated by a professional services firm and how they flow through to individual practitioners and their related parties. The…

At a recent speech to the National Press Club, Reserve Bank Governor Philip Lowe was optimistic about Australia's prospects in 2022

Year of the Tiger: Roaring or Bellowing?

February 8, 2022

Emma Zajac

General

business, Economy, employee, Employer, Small Business, wages

The 2022 Luna New Year, Year of the Tiger, is courage and bravery. It is a year to drive out evil and one of momentum and change. The message; walk boldly with courage. And it seems the Reserve Bank Governor is aligned with this sentiment. The Tiger economy At a recent speech to the National…

NSW Governments announces $1bn support package for struggling NSW Small Businesses

January 31, 2022

Emma Zajac

Small Business

Alfresco Restart rebate, NSW Performing Arts Package, RAT Test rebate, Small Business, Small Business Support Package

The NSW Government has announced a $1bn support package for struggling NSW small businesses. Acknowledging the difficulty that business operators have faced, the NSW Treasurer Matt Kean has announced a package of measures to support small businesses impacted by COVID-19 over January and February 2022. Releasing the package, the NSW Treasurer said, “household balance sheets…

Immediate Deductions Extended

The ATO’s Attack on Trusts and Trust Distributions

ATO Launches Campaign to Target Tax Withholding on Overseas Royalties

What’s coming up for Single Touch Payroll (STP) Phase 2 in Xero

Changes to Pandemic Leave Disaster Payment Rules

Cash injection for struggling businesses

PCR and RAT tests to be tax deductible, FBT free

Professional Services Firm Profits Guidance Finalised

Year of the Tiger: Roaring or Bellowing?

NSW Governments announces $1bn support package for struggling NSW Small Businesses

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