The Treasurer, the Hon Dr Jim Chalmers MP, handed down his (and the Albanese Government’s) first Budget on 25 October 2022. There were few tax measures in the Budget. What measures there were mostly affect multinationals. You can read about the tax measures further below. Final Budget Outcome for 2021–22 The underlying cash balance [...]
Various income tax threshold amounts, and rates increased for the 2022–23 income year. These are listed below. Item Threshold/rate for 2022–23 CGT improvements $162,899 Div 7A benchmark interest rate 4.77% Car limit (depreciation) $64,741 Car expenses – cents per kilometre method 78 cents/km Reasonable meal expenses – employee truck drivers Breakfast – $26.80 Lunch [...]
A number of income tax and superannuation changes relevant to businesses took effect from 1 July 2022, including: temporary full expensing (allows an immediate deduction for the cost of a depreciating asset) was extended by 12 months to 30 June 2023; the loss carry back (allows companies to carry tax losses back as far [...]
Disaster recovery payments If you or your business was affected by the recent floods in NSW and Queensland, you may receive a recovery payment from a local, state or federal government agency. The ATO website advises that the income tax treatment of these support payments is as follows: Australian Government Disaster Recovery Payment (one [...]
Disaster recovery payments If your business was affected by the recent floods in NSW and Queensland, you may receive a recovery payment from a local, state or federal government agency. The ATO website advises that the income tax treatment of these support payments is as follows: Australian Government Disaster Recovery Payment (one off payment [...]
Tax depreciation incentives to help businesses recover In 2020, the Government introduced tax depreciation incentives to help businesses recover from the impact of the COVID-19 pandemic. To help eligible business entities understand which tax depreciation incentives are available, the ATO published a useful snapshot to explain the depreciation incentives that may apply and when [...]
On Tuesday 11 May, the Treasurer, the Hon Josh Frydenberg MP, delivered the Federal Budget 2021–22, his third Budget. Two years ago, in his first Budget speech, the Treasurer announced that the Budget “is back in the black”. One pandemic later, there is only red. So far, the Government has committed $291 billion (or [...]
JobKeeper scheme The JobKeeper scheme ended on 28 March 2021. Your business does not have to do anything, but it will need to complete the March monthly business declaration by 14 April 2021. The final payment will be processed in April. Your business must keep all relevant records for five years in case the [...]
JobKeeper scheme The JobKeeper scheme ended on 28 March 2021. You do not have to do anything, but you will need to complete your final March monthly business declaration by 14 April 2021. The final payment will be processed in April. You must keep all relevant records for five years in case the ATO [...]
The JobMaker Hiring Credit scheme (“JobMaker”) is a new government incentive in response to the COVID-19 economic crisis. Eligible employers can access JobMaker for each eligible additional employee aged 16 to 35 they hire between 7 October 2020 and 6 October 2021. The program will last for 2 years until 6 October 2022. Are [...]
