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Don’t Rock The Boat!

Temporary reduction in fuel excise From - 12.01 am 30 March 2022 There are a few jokes going around social media about the price of fuel. As widely predicted, the Government will temporarily reduce the excise and excise-equivalent customs duty...
An employee going through his superannuation.


ACTUARIAL CERTIFICATES Legislative amendments have recently passed that mean SMSFs that are fully in retirement phase for the whole income year, with disregarded small fund assets, will not be required to obtain an actuarial certificate for their 2022 SMSF Annual...
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Tax Agents

SUPERVISORY ARRANGEMENTS The Tax Practitioners Board (TPB) has finalised guidance on the “supervisory arrangements requirements under the Tax Agent Services Act 2009 (TASA)”. The TPB’s draft guidance was released for public consultation on 31 May 2021. The TASA requires all...
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International Tax

MULTILATERAL INSTRUMENT The Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting, also known as the Multilateral Instrument (MLI), is a multilateral treaty that enables jurisdictions to swiftly modify the operation of their tax...
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Capita Gains Tax

SMALL BUSINESS CGT CONCESSIONS The ATO has found that some larger and wealthier businesses are mistakenly claiming the small business CGT concessions when they are not entitled to. If you have claimed one or more Small business CGT concessions in...
An individual computing his tax using a calculator and some data.

Individuals and Employee’s Tax

TEMPORARY SHORTCUT METHOD Due to the continued extenuating circumstances of COVID-19 and lockdowns since 1 July 2021, the 80 cents per hour temporary shortcut method to calculate working from home deductions has been extended to 30 June 2022. It is...
Businessmen in front of the word tax

Business Tax

NSW RECOVERY PACKAGE The NSW Government’s Economic Recovery Strategy includes funding to stimulate economic activity in cities and regions with a strong focus on rebuilding and supporting businesses, helping the hip pocket and boosting jobs. The Premier and Treasurer also...
International Tax

International Tax

TRANSFER PRICING The ATO has issued a Decision Impact Statement outlining its response to the transfer pricing case of Commissioner of Taxation v Glencore Investment. The taxpayer won the case in the Full Federal Court and the High Court refused…

Capital Gains Tax

Capital Gains Tax

CRYPTOCURRENCIES The ATO treats cryptocurrency like shares and many other investments, so it is generally regarded as a capital gains tax (CGT) asset. A CGT event occurs when disposing of cryptocurrency. Events can include selling cryptocurrency for a fiat currency,…

Employee’s Tax

Individuals and Employee’s Tax

2021-22 TAX RATES AND TAX OFFSETS The main 2021-22 tax rate changes and tax offsets are: • The $1,080 low and middle income tax offset (LIMITO) has been extended to this year. • the low income tax offset (LITO) permanently…

Tax Tips

Tax Tips, Traps And Updates

BUSINESS TAX NSW RECOVERY PACKAGE On 21 October 2021, the Premier of NSW, The Hon.Dominic Perrottet MP and Treasurer and Minister for Energy and Environment, The Hon. Matt Kean MP, released a joint statement to announce the launch of a…

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