Auswild & Broad | Blog

The ATO has released updated information on claiming cryptocurrency losses and gains in your tax return.

The RBA lifted the cash rate to 1.85% in early August 2022. The increase comes a few weeks after Reserve Bank Governor Philip Lowe told the Australian Strategic Business Forum that “…we're going through a process now of steadily increasing interest rates, and there's more of that to come.

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.