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Instant Asset Tax Write-off concessions extended to December 2020

In response to the damage which businesses have suffered due to the effects of the Covid-19 pandemic, the government has introduced a suite of measures designed to provide an economic stimulus, promoting growth and recovery. One of these measures related to a temporary increase in the instant asset tax write-off value. Intended to enable businesses…

Cash in on recovery incentives for SMEs

With the Covid-19 pandemic having wreaked havoc on the national economy, the government has responded proactively, putting in place a series of economic stimulus measures. Initial measures concentrated on providing businesses with the short-term tax relief and income they needed to pay employees and essential overheads during the time when lockdown measures were most stringent.…

August Federal Tax Developments for Australia

In a significant month for businesses, the tax world saw some interesting changes during August 2018. With an overview of what they were, you can determine how they impact your day-to-day transactions. Income tax residency rules In the past, those who moved away from Australia for work wouldn’t be subject to Capital Gains Tax (CGT)…

ATO Cracks Down on Work-Related Expenses

Chris Jordan, Australia‚Äôs Tax Commissioner, has warned that the Australian Tax Office (ATO) is about to crack down on people claiming work-related expenses Jordan stated that a recent check into work-related expenses has uncovered a large number of wrongful claims. He also warned that 100% of the claims that were taken before the Administrative Appeals…