The ATO has not pursued many business tax debts during the pandemic and allowed tax refunds to flow through even if the business had a tax debt. That position has now changed.

TaxationJPR BUSINESS GROUP18 June 2022ATO, tax deductions, australian tax office, debt collection

What to expect from the new Government

Anthony Albanese has been sworn in as Australia’s 31st Prime Minister and a Government formed. We look at what we know so far about the policies of the new Government in an environment with plenty of problems and no easy fixes.

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:

Is my gym membership tax deductible?

There are lots of reasons to keep fit but very few of them have to do with how we earn our income. As a result, a tax deduction for a gym membership isn’t available to most people. And yes, the Tax Office has heard all the arguments before about how keeping fit reduces sickness and therefore is important to earning an income, and ‘…the way I look is important to my job’.

TaxationJPR BUSINESS GROUP9 May 2022tax, fuel tax

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 encouraging us to spend now to access the deduction.

TaxationJPR BUSINESS GROUP9 May 2022tax, tax deductions, taxation, business, federal budget

Immediate Deductions Extended

Introduced in the 2020-21 Budget and now extended until 30 June 2023, immediate deduction enables an asset’s cost to be fully deductible upfront rather than being claimed over the asset’s life, regardless of the cost of the asset. Legislation passed by Parliament last month extends the rules to cover assets that are first used or installed ready for use by 30 June 2023.

Business Development, TaxationJPR BUSINESS GROUP8 April 2022tax deductions, sme, Small business

Federal Budget 2022-2023

The Federal Budget has been brought forward to 29 March 2022. With the pandemic and the war in Ukraine we have seen a lot less commentary this year about what to expect in the Budget.

The ATO's attack on trusts and trust distributions

Late last month, the Australian Taxation Office (ATO) released a package of new guidance material that directly targets how trusts distribute income. Many family groups will pay higher taxes (now and potentially retrospectively) as a result of the ATO’s more aggressive approach.

TaxationJPR BUSINESS GROUP6 March 2022tax, trusts, ATO

Cash Injection for struggling businesses

Businesses struggling with the Omicron wave of the pandemic have been offered new grants and support in NSW, SA and WA.

Professional Services Firm Profits Guidance Finalised

The Australian Taxation Office’s finalised position on the allocation of profits from professional firms starts on 1 July 2022.

TaxationJPR BUSINESS GROUP11 February 2022ATO, australian tax office, Taxation