Epoch News

The 120% skills, training, and technology costs deduction for small and medium businesses have passed Parliament. We'll show you how to take maximise your deductions. Almost a year after the 2022-23 Federal Budget announcement, the 120% tax deduction for expenditure...

The digital games and interactive entertainment sector is the most significant creative sector globally and one of the fastest-growing industries worldwide. The global digital games industry is worth around $250 billion and, in Australia, grew 22% between 2020 and...

Tax deductions for topping up super You can make up to $27,500 in concessional contributions each year, assuming your super balance has not reached its limit. Suppose the contributions made by your employer or under a salary sacrifice agreement have not reached this...

Bring forward the purchase of assets  If there are large assets your business needs to buy (or upgrade), you have until 30 June 2023 to use the temporary full expensing rules. These rules enable businesses with an aggregated turnover of up to $5bn to fully deduct...

It's that time of year when we all look at what last-minute things we can do to maximise tax savings.  In the wise words of the late Kerry Packer to a Senate estimates committee, "Of course, I am minimising my tax. And if anybody in this country doesn't minimise...

The ‘ace in the hole’ of the 2023-24 Federal Budget was the $4.2bn surplus; the first in 15 years.  The surplus was driven by a surge in the corporate and individual tax take. High commodity prices, inflation, and high employment have all pushed up corporate and...

Clarifying the non-arms length income rules for super funds The non-arms length income (NALI) rules prevent superannuation trustees artificially increasing the balance of the fund, and accessing preferential tax treatment on the higher amount, by failing to recognise...

Energy price plan relief FromJuly 2023 $1.5bn has been provided over 5 years to provide targeted energy bill relief and progressing gas market reform. The Energy Bill Relief Fund will provide targeted energy bill relief to eligible households and small business...

$20,000 small business instant asset write-off From1 July 2023 to 30 June 2024 Small businesses, with an aggregated turnover of less than $10 million, will be able to immediately deduct the full cost of eligible depreciating assets costing less than $20,000 that are...

From 1 July 2023, access to the Government's Home Guarantee Scheme will be expanded to joint applications from "friends, siblings, and other family members" and those who have not owned a home for at least ten years. The eligibility criteria for access to...