Auswild & Broad | Blog

The Government has reinvigorated the 120% skills training and technology costs deduction for small and medium business.

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: