Tax Alert – June 2022

ATO crackdown on family trusts and GST fraud With attempted GST fraud on the rise and certain family trust payments under a cloud, the tax regulator is stepping up scrutiny of more transactions. Here’s a roundup of some of the latest developments in the world of tax. GST fraud warning The Australian Taxation Office (ATO) …

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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 measure enables an asset’s cost to be fully deductible upfront rather than …

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ATO redefines it’s position on Trusts and Trust Distributions

Late last month, the Australian Taxation Office (ATO) released a package of new guidance material that directly targets how trusts distribute income. Many family groups will pay higher taxes (now and potentially retrospectively) as a result of the ATO’s more aggressive approach. Family trust beneficiaries at risk The tax legislation contains an integrity rule, section …

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Tax Alert Sep 2021

Tax Alert Sep 2021

Although smaller businesses are now enjoying a lower corporate tax rate, their quarterly super bills have gone up, following the latest indexed rise in the Super Guarantee rate. Here’s a roundup of some of the other key developments when it comes to the world of tax. SME tax rate drops With business conditions remaining tough, …

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1 July 2021 Changes

Company Tax Rate Companies that are base rate entities will be subject to a corporate tax rate of 25% in the 2021–22 income year and future years. This is down from the rate of 26% that applied for the 2020–21 income year. A base rate entity is a company that has an aggregated turnover of …

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Tax Planning

Year End Considerations

Businesses In order to look at minimising tax payable this year, consider the following: Write off any bad debts — the debt must be bad, not merely doubtful, and the taxpayer must have determined that the debt is unlikely to be recovered through any reasonable and commercial attempts. Write off slow-moving or obsolete stock and …

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Tax Alert June 2021

Tax Alert Jun 2021

The Government is continuing to support COVID-affected businesses by extending most of its pandemic inspired tax offsets and benefits. But at the same time the ATO has micro businesses (like contractors who fail to declare all their income) in its sights. Here’s a roundup of some of the key developments when it comes to tax. …

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