The 2022-23 Federal Budget is a safe, ballot box friendly Budget as expected with a focus on cost of living, home ownership, and health. Key initiatives include: A 6 month, 50% reduction in fuel excise with effect from midnight Budget nightA $420 cost of living tax offset...
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...
Two landmark cases before the High Court highlight the problem of identifying whether a worker is an independent contractor or employee for tax and superannuation purposes. Many business owners assume that if they hire independent contractors they will not be responsible for PAYG withholding, superannuation guarantee,...
Temporary full expensing enables your business to fully expense the cost of the following assets in the first year of use: new depreciable assetsimprovements to existing eligible assets, andsecond hand assets Introduced in the 2020-21 Budget and now extended until 30 June 2023, this measure enables an...