Tax & Cryptocurrency
The Australian Taxation Office recently updated its guidance on tax and cryptocurrency. In early November, the Commonwealth Bank announced that it is now Australia’s first bank to offer customers the ability to buy, sell and…
4 Top Christmas Tax Questions
Every year, we are asked about the tax impact of various Christmas or holiday-related gestures. Here are our top issues: Staff gifts The key to Christmas presents for your team is to keep the gift…
What can we expect in 2022?
2021 was to be the year we returned to a post-COVID normal however the pandemic has fundamentally changed the way many of us operate in our personal and work lives. Here is some of what…
The Discriminatory Backpacker Tax
The High Court has ruled that the ‘backpacker tax’ is discriminatory. We look at the impact. Since 2017, the ‘backpacker tax’ has taxed the first dollar of income a backpacker earns in Australia - regardless…
Are COVID related grants 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…
Working from home expenses under ATO scrutiny
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…
Tax exemption for ‘granny flat’ arrangements
To protect older Australians, the Government has moved to formalise ‘granny flat arrangements’ by providing an incentive to protect all parties in the arrangement. Typically, granny flat arrangements occur when an older person transfers some…
Fringe Benefits Tax 2021
Fringe benefits tax (FBT) is one of Australia’s most disliked taxes because it’s cumbersome and generates a lot of paperwork. The COVID-19 lockdowns have added another layer of complexity as many work patterns and behaviours…
Capital gains tax and your own private home
If you sell an asset you will typically make a capital gain or loss, which is the difference between your initial purchase cost and the amount you receive when you sell the asset. In most…
Big-spending budget targets job-led recovery
Earlier this week the Victorian Treasurer delivered the State Government’s 2020-21 State Budget, which includes large scale investment to drive a jobs-led recovery. It is estimated that COVID-19 has cost the State and Federal Government…
