Your Knowledge May 2022

Inside this month We clear the confusion (as much as possible) on the 120% deduction for skills training and technology announced in the federal Budget. We also look at the ample number of changes coming into force from 1 July 2022, the director penalty regime ensures that directors are personally liable for certain debts of the company, and finally, can you claim a deduction...

Budget 2022-2023

The 2022-23 Federal Budget2022-23-white-label/ 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 for low and middle income earners from 1 July 2022A one-off $250 economic...

Your Knowledge March 2022

Inside this month, we explore the issues and the impact of the ATOs attack on trusts and trust distributions and the landmark High Court cases that changes the way the employer versus contractor relationship is...

Your Knowledge February 2022

Inside this month we explore what lies ahead of the Year of the Tiger economy, the finalised guidance from the ATO on professional firm profits and the tax deductibility of RAT tests.

Your Knowledge November 2021

Inside this month, we work through the process, timing and issues for establishing a Director ID under the new Director Identification Number regime that came into effect on 1 November. And, we incorporate the latest guidance from the ATO in our summary of the commonly asked questions about investing in...

Your Knowledge October 2021

It won’t be long before we can stop talking about COVID-19 (won’t that be nice) but for now, with the Treasurer’s announcement that Commonwealth COVID-19 financial support will start to be withdrawn from 70% full vaccination and cease at 80%, that time is not...

Your Knowledge September 2021

Inside this month we look at the process of unwinding the pandemic for a return to “normal”. And, the new law that enables the ATO to share superannuation information with the family court during divorce proceedings and the superannuation gender...

Your Knowledge August 2021

Inside this month we look at Afterpay’s sales announcement (and the tax treatment of their shares if you happen to hold any), because we’re all a little curious about how you start a business in 2015 then sell it in 2021 for $39bn...

The JobMaker Hiring Credit

What is JobMaker?; JobMaker Eligibility; Who is NOT eligible for JobMaker?; How to register for JobMaker?; How is baseline headcount and payroll calculated?; How is the “20 hours per week” requirement calculated?; Scenario: Hiring an eligible employee partway through a JobMaker period; Calculating JobMaker claim; Headcount increase ; Payroll Increase; Key JobMaker dates...

Your Knowledge November 2020

Our November newsletter discuss about what has been announced so far in the 2020-21 Federal Budget. JobMaker Hiring Credits (what it is & when do the credits start, How to access it), Tax deductions for investing in your business, Refunds for tax losses and more.....