Epoch News
Can I claim my crypto losses?
The ATO has released updated information on claiming cryptocurrency losses and gains in your tax return. The first point to understand is that gains and losses from crypto are only reported in your tax return when you dispose of it - you sell it, convert it to fiat...
How high will interest rates go?
The RBA lifted the cash rate to 1.85% in early August 2022. The increase comes a few weeks after Reserve Bank Governor Philip Lowe told the Australian Strategic Business Forum that "… we're going through a process now of steadily increasing interest rates, and there's...
FBT-free electric cars
New legislation before Parliament, if enacted, will make zero or low emission vehicles FBT-free. I explore who can access the concession and how. Electric vehicles (EV) represent just under 2% of the new car market in Australia, but it is a rapidly growing sector with...
FBT-free electric cars
New legislation before Parliament, if enacted, will make zero or low emission vehicles FBT-free. I explore who can access the concession and how. Electric vehicles (EV) represent just under 2% of the new car market in Australia, but it is a rapidly growing sector with...
What changed on 1 July
A reminder of what changed on 1 July 2022 Business Superannuation guarantee increased to 10.5%$450 super guarantee threshold removed for employees aged 18 and over Lower small business GST and PAYG tax instalments. The total tax liability remains the same....
Tax and the family home
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...
Tax time targets
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...
What to expect from the new Australian Government
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...
The 120% deduction for skills training and technology costs
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...
What’s changing on 1 July 2022?
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...