On the evening of Tuesday 25 October 2022, Australia’s Treasurer, Jim Chalmers, delivered the nation’s 2022-23 Budget, Labor’s first since taking office earlier this year. While the Budget features a couple of key proposals aimed at providing cost-of-living relief for young families, it had a fairly light touch in the areas of taxation, superannuation and
Further to our article published a few weeks ago, ‘Queensland Land Tax Changes – Are you Affected?’, there has been some recent developments in this area. During the recent Prime Ministers National Cabinet Meeting in Canberra, it is reported that the Premier learned that the other states were not going to provide assistance as
It is becoming increasingly popular for clients to buy property, subdivide and/or rebuild and then on-sell the property. The tax implications that result from these transactions can vary depending on the type of project undertaken, so careful consideration needs to be given to the factors that indicate the intention of the transaction/s. There are three
Buying into a Medical Practice partly or wholly can be a very daunting task which is generally capital intensive, but when performed correctly it can create a great investment vehicle which will continue to provide community health for future generations. The purpose of completing a due diligence is to confirm the facts provided by the
July 2022 saw a number of changes to the superannuation rules and many will have a positive outcome for members of superannuation funds. The changes were announced and legislated by the Morrison government so it’s important to note that the new government will be delivering its first Budget in October 2022. The superannuation tax concessions could be
With fuel prices on the rise, along with a global environmental awareness, the electric vehicle market in Australia has seen an exponential growth. For small business owners where business vehicles are a common asset with sizable deductions, it is important to know the differences between what can be claimed for a motor vehicle (MV) and
As we move towards the end of financial year, it becomes important to look at your tax planning and ways that you can maximise your tax savings. These tax planning tips for individuals and businesses will help you cover off some important considerations before the end of the 2021-2022 financial year. RECORD KEEPING Taxpayers are required
The 2022-23 budget was handed down this week by Federal Treasurer Josh Frydenberg which encompassed the economic stability Australia is experiencing as it rebounds from the COVID-19 pandemic. Significant tax and productivity reforms were low on the agenda with focus mainly on key spending measures and continuing Australia’s post-pandemic, natural disaster and conflicted international environment
It’s Fringe Benefits Tax (FBT) time again and this FBT year will end on 31 March 2022. If you provide your employees with a benefit other than salary, wages, bonuses and superannuation, it’s likely you are providing Fringe Benefits to your employees. You could also be providing benefits under tax law, to employees’ family and
From 1 July 2016 investors have been able to benefit from the Early-Stage Innovation Company (ESIC) incentives for qualifying investments. The tax incentives available are: A non-refundable carry forward tax offset of up to $200,000 in any one income year Capital Gains Tax (CGT) exemption or reduction on eligible investments. Qualifying for the tax
