Auswild & Broad | Blog

Primary producers can apply for a concession on their vehicle registration and the eligibility requirements for the concession have changed.

A series of reforms and changes will commence on 1 July 2022. Here’s what is coming up:

The Government temporarily halved the excise and excise equivalent customs duty rates for petrol, diesel and all other petroleum-based products (except aviation fuels) for 6 months from 30 March 2022 until 28 September 2022. This has caused a reduction in fuel tax credit rates.

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.

The ATO confirms that COVID-19 tests purchased by employees for work purposes from 1 July 2021 can be claimed as a deduction.

Temporary full expensing enables your business to fully expense the cost of:

Every year, we are asked about the tax impact of various Christmas or holiday related gestures. Here are our top issues:

How depreciation affects capital gains tax (CGT) is a frequently asked question among investors.

The Tax Office is actively targeting geographic areas for special visits as part of a nationwide crackdown on the black economy.

A consistent theme this tax time is overclaiming and under reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its data matching approaches, taxpayers can expect greater scrutiny where their claims are more than what is expected. We take a look at the key issues for you, your business and your SMSF.