Epoch News
Federal Budget 2022-23: Your Superannuation
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...
Federal Budget 2022-23: For You and Your Family
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...
Federal Budget: 2022-23: Don’t Rock The Boat
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...
The ATO’s attack 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...
Immediate deductions extended
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...
Are your contractors really employees?
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,...
Professional services firms profits guidance finalised
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...
PCR and RAT tests to be tax deductible, FBT free
The Treasurer has announced that PCR and rapid antigen tests (RAT) will be tax deductible for individuals and exempt from fringe benefits tax (FBT) for employers if purchased for work purposes. There has been confusion over the tax treatment of RAT tests with the...
Year of the Tiger: Roaring of Bellowing?
The 2022 Luna New Year, Year of the Tiger, is courage and bravery. It is a year to drive out evil and one of momentum and change. The message - walk boldly with courage. And it seems the Reserve Bank Governor is aligned with this sentiment. The Tiger economy At a...
Year of the Tiger: Roaring of Bellowing?
The 2022 Luna New Year, Year of the Tiger, is courage and bravery. It is a year to drive out evil and one of momentum and change. The message - walk boldly with courage. And it seems the Reserve Bank Governor is aligned with this sentiment. The Tiger economy At a...