Everyone knows you don’t pay tax on your family home when you sell it…right? We take a closer look at the main residence exemption that excludes your home from capital gains tax and the triggers that reduce or exclude that exemption. Capital gains tax (CGT) applies to gains you have made on the sale […]
Tax & the family home Read More »
A series of reforms and changes will commence on 1 July 2022. Here’s what is coming up: For 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
What’s changing on 1 July 2022? Read More »
The Fringe Benefits Tax (FBT) year ended on 31 March and for those providing benefits to employees it is now time to prepare the FBT return and calculate amounts that need to be included on employees’ income statements. A few of the hot spots for employers and employees are outlined below. Important FBT issues
Fringe Benefits Tax 2022 Read More »
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
Pandemic Leave Disaster Payments rules change Read More »
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. The Media release can be found here. There has been confusion over the tax treatment of RAT tests with the Prime Minister stating
PCR and Rapid Antigen Tests to be tax deductible, FBT free Read More »
New legislation will help prevent superannuation assets from being hidden during divorce proceedings. From 1 April 2022, the Australian Taxation Office (ATO) will be able to release details of an individual’s superannuation information to a family law court. The recently enacted laws are designed to ensure that there is procedural and economic fairness in divorce
Divorce, Superannuation and the Gender Divide Read More »
Australia has had its fair share of disasters over the last few years – drought, bushfires and floods – that have ramped up the volume of insurance claims. Most people would assume that if and when they need to claim on their insurance, the insurance payout covers the damage and is not income assessed for
Am I taxed on an insurance payout? Read More »
If you worked from home during lockdown and spent money on work related items that were not reimbursed by your business, you might be able to claim some of these expenses as a deduction – but not everything you purchase can be claimed. The ATO has stated that it is looking very closely at work
Work from home expenses under scrutiny & the perils of browsing Facebook Read More »
A summary of the key 1 July 2021 changes and their implications. Super guarantee rate increase to 10% On 1 July 2021, the Superannuation Guarantee (SG) rate will rise from 9.5% to 10% – the first rise since 2014. It will then steadily increase each year until it reaches 12% on 1 July 2025. The
What changes on 1 July 2021? Read More »
