Epoch News

Everyone knows you don’t pay tax on your family home when you sell it…right? I take a closer look at the main residence exemption that excludes your home from capital gains tax and the triggers that reduce or exclude that exemption. Capital gains tax (CGT) applies to...

 The ATO has flagged four priority areas where people are making mistakes this tax season. With tax season almost upon us, the Australian Taxation Office (ATO) has revealed its four areas of focus this tax season. 1.     Record-keeping2.     Work-related...

The Governor-General has sworn in Australia's thirty-first Prime Minister, Anthony Albanese. The new Government faces plenty of problems and no easy fixes. Here’s what we know so far about their policies. The economy The Government has stated that its economic...

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...

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...

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...

$120 deduction for every $100 spent on technology From7:30pm AEDT, 29 March 2022 until 30 June 2023 The Government intends to provide a 120% tax deduction for expenditure incurred by small businesses on business expenses and depreciating assets that support their...

Reduction in minimum superannuation drawdown rates extended again The temporary 50% reduction in superannuation minimum drawdown requirements for account-based pensions and similar products has been extended to 30 June 2023.  Minimum superannuation drawdown rates...

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...

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...