Latest news
Tax Time Targets
The ATO has flagged four priority areas this tax season where people are making mistakes. With tax season almost upon us the Australian Taxation Office (ATO) has revealed its four areas of focus this tax season. Record-keeping Work-related expenses Rental property...
Fuel tax credit changes
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...
ATO ramps up heat on directors
Throughout March, the ATO 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...
What’s changing on 1 July 2022?
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...
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. As a result, a tax deduction for a gym membership isn’t available to most people. And yes, the Tax Office has heard all the arguments before about how keeping fit...
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. 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 emails...
The federal budget for Aussie businesses
The small business sector, in particular, has received some targeted stimulus spending in this year’s budget, as business comes out the other side of COVID. This is designed to improve cashflow, sustain employment and encourage investment in business efficiency measures.
The federal budget for families and individuals
The 2022 Federal Budget is supporting families by providing temporary or one-off benefits to help families with the cost of living.
A Client Success Story
Recently, Bruce Grieve met with a couple in their mid-40s who were looking for financial advice. They had not received advice in the past, despite their strong income, having a healthy surplus cashflow and sitting on cash of over $1m. They were looking for...
Are Your Contractors Really Employees?
Here are two landmark cases before the High Court that highlight the problem of identifying whether a worker is an independent contractor or employee for tax and superannuation purposes. Many business owners assume that if they hire independent contractors they will...
Federal Budget 2022-23
The Federal Budget has been brought forward to 29 March 2022. With the pandemic and the war in Ukraine we have seen a lot less commentary this year about what to expect in the Budget. But, as an election budget, we typically expect to see a series of measures designed...
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...
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