Temporary Full Expensing

Temporary full expensing is a short term tax initiative that allows businesses to claim an immediate deduction for the business portion of the cost of an asset in the year it is first used or installed ready for use for a taxable purpose. The incentive has now been...

Fringe Benefits Tax Returns (FBT)

If you are an employer and you provide certain benefits to your employees or their family or associates, your business may be liable for fringe benefits tax. For fringe benefits tax (FBT) purposes, an employee includes: current, future or past employee director of a...

Superannuation Concessional Contribution Caps

The concessional contributions cap for 2021-2022 is $27,500 For the 2022-2023 year the concessional cap will remain at $27,500 If your superannuation balance is less than $500,000, you may be entitled to contribute more than the general concessional contributions cap....

Increase in Superannuation Guarantee

Superannuation Guarantee (SG) from employers will rise to 10.5% from I July 2022. This may result in a reduction in take-home pay for some employees who are on a Salary Package. If you are an employer, please note that employees can be eligible for SG, regardless of...

Covid-19 Payments & Tax Deductions

If you received a COVID-19 Disaster Payment during 2021-2022, that payment is exempt from income tax, and you do not include the payment in your tax return. If you received a Pandemic Leave Disaster Payment, you must include it in your tax return as income. You can...