News and Views
What changes on 1 July 2022? SUPERANNUATION
Work-test repeal – enabling those under 75 to contribute to super Currently, a work test applies to superannuation contributions made by people aged 67 or over. In general, the work test requires that you are gainfully employed for at least 40 hours over a 30 day...
What changes on 1 July 2022? FOR YOU
Home loan guarantee scheme extended The Home Guarantee Scheme guarantees part of an eligible buyer’s home loan, enabling people to buy a home with a smaller deposit and without the need for lenders mortgage insurance. An additional 25,000 guarantees will be...
What changes on 1 July 2022? BUSINESS
Superannuation Guarantee increase to 10.5% The Superannuation Guarantee (SG) rate will rise from 10% to 10.5% on 1 July 2022 and will continue to increase by 0.5% each year until it reaches 12% on 1 July 2025. If you have employees, what this will mean depends on...
ATO ramps up heat on directors
The ATO recently sent letters to directors who are potentially in breach of their obligations to ensure that the company they represent has met its PAYG withholding, superannuation guarantee charge, or GST obligations. These letters are a warning shot and should not...
What’s changing on 1 July 2022?
Business Basics Grants Program
State Govt Business Basics Grant – small $5k grant but might come in handy for the new franchise business. The QLD Government will open the above grant applications on Tuesday 17th May 2022. If you qualify and wish to apply, you will only have a short period to...
Fuel tax credit rates reduced
The Government temporarily halved the excise and excise equivalent customs duty rates for petrol, diesel and all other petroleum-based products (except aviation fuels) for 6 months from 30 March 2022 until 28 September 2022. This has caused a reduction in fuel tax...
Can I claim a tax deduction for my gym membership?
There are lots of reasons to keep fit but very few of them have to do with how we earn our income – therefore typically a tax deduction for a gym membership isn’t allowable. In general, a tax deduction for fitness expenses is only available if your job requires you...
The 120% deduction for skills training and technology costs
It’s a great headline, isn’t it? Spend $100 and get a $120 tax deduction. And just days after the Federal Budget announcement that businesses will be able to claim a 120% deduction for expenditure on training and technology costs, we started receiving marketing...
Research & Development (R&D) Tax Incentives
Research & Development (R&D) Tax Incentives Are you looking to develop a new process, or create a new innovative product – but not sure how to fund the research? The Research & Development (R&D) tax incentive program encourages companies to engage in...
Enhancing our client verification process
Proof of identity verifications requirements extended to Accountants and Tax Agents.To reduce the risk of tax and identity fraud the Tax Practitioners Board (TPB) recently announced that all Tax and BAS agents in Australia need to undertake proof of identity...
2022 Budget – Personal Tax
Low-income offset – LMITO increased by $420 for 2021-22 The low and middle income tax offset (LMITO) will be increased by $420 for the 2021-22 income year so that eligible individuals will receive a maximum LMITO benefit up to $1,500 for 2021-22 (up from the current...
2022 Budget – Business Taxation
Deduction boosts for small business: skills and training and digital adoption The Government announced two support measures for small businesses (aggregated annual turnover less than $50 million) in the form of a 20% uplift of the amount deductible for expenditure...
2022 Budget – Tax Compliance and Integrity
ATO's Tax Avoidance Taskforce: extended operation, more funding The Government will provide $325 million in 2023-24 and $327.6 million in 2024-25 to the ATO to extend the operation of the Tax Avoidance Taskforce by 2 years to 30 June 2025. The Taskforce was...
2022 Budget – Other Measures
One-off $250 cost of living payment The Government will make a $250 one-off cost of living payment in April 2022 to 6 million eligible pensioners, welfare recipients, veterans and eligible concession card holders. The $250 payment will be tax-exempt and not count as...
2022 Budget – Superannuation
2022 Budget - SuperannuationSuperannuation pension drawdowns - 50% reduction extended to 2022-23 The temporary 50% reduction in minimum annual payment amounts for superannuation pensions and annuities will be extended by a further year to 30 June 2023. The 50%...
2022 – FBT: What you need to know
Is your business at risk of a nasty Fringe Benefits Tax surprise? We’ve outlined the ATO’s ‘red flags’ for employers and employees. FBT updates and problem areas: COVID-19 assistance and benefits Motor vehicle problem areas ATO ‘red flags’: Where deductions claimed...
FBT & Motor Vehicle Fact Sheet
FBT & Motor Vehicles - Fact Sheet Motor Vehicle Speedometer Reading For all Motor Vehicles used in your Business, it is imperative that you keep a note of the speedometer reading of each vehicle as at 31 March 2022. You may like to make a note in your diary to...
An Update from HFB Digital Solutions
An Update from HFB Digital Solutions In 2017, Google introduced a Questions and Answers section for Google My Business, which allows customers to ask businesses questions on Google My Business. They appear on their profiles and in search engine results pages (SERPs)....
Immediate Deductions Extended
Temporary full expensing enables your business to fully expense the cost of: new depreciable assets improvements to existing eligible assets, and second hand assets in the first year of use. Introduced in the 2020-21 Budget and now extended until 30 June 2023, this...