by Mark Cusack | Mar 30, 2022 | eNews
Temporary reduction in fuel excise From12.01am 30 March 2022 A few jokes are going around social media about the price of fuel. The Government will temporarily reduce the excise and excise-equivalent customs duty rate that applies to petrol and diesel by 50% for six...
by Mark Cusack | Mar 30, 2022 | eNews
As expected, the 2022-23 Federal Budget is safe and ballot box friendly, focusing on jobs, cost of living, home ownership, and health. Key initiatives include: A 6 month, 50% reduction in fuel excise with effect from midnight Budget night A $420 cost of living...
by Mark Cusack | Mar 6, 2022 | eNews
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...
by Mark Cusack | Mar 6, 2022 | eNews
Temporary full expensing enables your business to fully expense the cost of: New depreciable assetsImprovements to existing eligible assets, andSecond hand assets in the first year of use. Introduced in the 2020-21 Budget and now extended until 30 June 2023, this...
by Mark Cusack | Mar 6, 2022 | eNews
Two landmark cases before the High Court highlighted the problem of identifying whether a worker is an independent contractor or employee for tax and superannuation purposes. Many business owners assume that they will not be responsible for PAYG withholding,...
by Mark Cusack | Feb 24, 2022 | eNews
The Australian Taxation Office’s finalised position on the allocation of profits from professional firms starts on 1 July 2022. The ATO’s guidance uses a series of factors to determine the level of risk associated with profits generated by a professional services firm...
