Epoch News
Are COVID-19 grants and funding tax free?
Most people would think that money provided by the Government to support people and business during a crisis would be tax free? Otherwise, it’s like giving money with one hand and then taking it away with the other, isn’t it? But, the tax laws don’t work like that....
Are COVID-19 grants and funding tax free?
Most people would think that money provided by the Government to support people and business during a crisis would be tax free? Otherwise, it’s like giving money with one hand and then taking it away with the other, isn’t it? But, the tax laws don’t work like that....
New laws target sharing economy platforms
In an attempt to reign in undeclared income, proposed new laws will require platform providers in the sharing economy to report all transactions through their platforms. Traditional employment models have shifted in favour of more flexible options including...
Business in a post pandemic environment
Countries that have experienced the worst of the pandemic give Australian businesses an insight into what to expect in a post-lockdown environment. Australia, like New Zealand, has managed COVID-19 on an elimination basis. That is, lockdowns and border closures to...
Lock-downs: What help is available
The highly infectious Delta COVID variant is triggering lock-downs across the country. I look at what help is available and how you can get it. For you COVID-19 disaster payment The COVID-19 disaster payment is available to eligible workers who can’t attend work...
Am I taxed on an insurance payout?
Australia has had its fair share of disasters over the last few years – drought, bushfires and floods – that have ramped up the volume of insurance claims. Most people would assume that if and when they need to claim on their insurance, the insurance payout covers the...
Hang onto your socks! The ATO’s home office crackdown
If you worked from home during lockdown and spent money on work related items that were not reimbursed by your business, you might be able to claim some of these expenses as a deduction – but not everything you purchase can be claimed. The ATO has stated that it is...
Super guarantee increase headlines 1 July changes
Super guarantee rate increases to 10% On 1 July 2021, the Superannuation Guarantee (SG) rate will rise from 9.5% to 10% - the first rise since 2014. It will then steadily increase each year until it reaches 12% on 1 July 2025. The 0.5% increase does not mean that...
Federal budget 2021-22: Your superannuation
Work test repealed for voluntary superannuation contributions Date of effectThe first financial year after Royal Assent of the enabling legislationExpected to be 1 July 2022 Individuals aged 67 to 74 years will be able to make or receive non-concessional or salary...
Federal budget 2021-22: For individuals & families
Low and middle income tax offset extended Date of effectFrom 1 July 2021 to 30 June 2022 As widely predicted, the Low and Middle Income Tax Offset (LMITO) will be extended for another year. The LMITO provides a reduction in tax of up to $1,080 for individuals with a...