Federal Budget – March 2022
May 20, 2022
PERSONAL TAXATION Personal tax rates unchanged for 2022–2023 In the Budget, the Government did not announce any personal tax rates changes. The Stage 3 tax changes commence from 1 July 2024, as previously legislated.The 2022–2023 tax rates and income thresholds for residents are unchanged from 2021–2022: taxable income up to Read More...
Overview of Small Business CGT Concessions
February 25, 2022
Recently, the ATO has noticed that some larger and wealthier businesses have mistakenly claimed small business CGT concessions when they weren’t entitled. By incorrectly applying the concessions these businesses were able to either reduce or completely eliminate their capital gain. The ATO has urged all taxpayers that have applied the Read More...
Tax Debts May Affect Business Credit Score
February 11, 2022
The ongoing COVID-19 pandemic has caused uncertainty in many parts of the economic and has led to what many experts term a “two-speed economy”, while some businesses are recovering well, others continue to suffer from the effects. If your business has had issues paying debts, or have prioritised trade debts Read More...
ATO Concerns on Luxury Car Tax
December 17, 2021
The ATO has issued an alert warning taxpayers that it is investigating certain arrangements where entities on-sell luxury cars without remitting the requisite luxury car tax amount. This applies to those selling luxury cars in the ordinary course of business in any structure (ie company or sole trader), as well Read More...
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