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Have you lodged your tax return?

If you lodge your own income tax return, you have to do so by October 31 (unless you have a substituted accounting period). Because October 31, 2021 falls on a Sunday this year, the effective last day to lodge a return is the following Monday,...

What is a director ID and who needs to apply

The director identification number (director ID) initiative is introduced as a part of the Government’s Modernising Business Registers (MBR) Program. Directors will be required to register for a unique identification number that they will keep for life. What is a director ID? A director ID is a unique...

What’s new for your SMSF

We’ve listed below the key updates that you need to be aware of as Trustees for your SMSF. Increased contribution caps From 1 July 2021, the superannuation contributions caps have increased, which means you can contribute more to your superannuation fund each year. This assumes that you...

How to protect yourself from increasingly sophisticated scams

We are living in a digital world where we are often just one click away from catastrophe. Many people believe they wouldn’t fall for a phishing fraud – but scammers have become increasingly sophisticated in their methods, making it's harder to tell the fakes from the...

Significant changes to business tax 2021-22

Are you a business owner? There are some significant tax changes for businesses this financial year that you should be aware of. Read on to learn more! Temporary full expensing of depreciating assets This is an outright deduction for the cost of a depreciating asset first acquired...

Essential Superannuation Update 2021-22

Superannuation and ETP thresholds The superannuation and ETP (employment termination payment) thresholds for the 2021–22 financial year are listed below: 2021-22 Concessional contributions cap for individuals aged under 75* $27,500** Concessional contributions cap for individuals aged 75+ Only mandated employer contributions† Non-concessional contributions cap* $110,000 CGT cap amount $1,615,000 Low rate cap amount/ETP cap amount $225,000 Untaxed plan...

What’s new for individual tax?

Income tax thresholds The various threshold amounts and rates for the 2021–22 income year are set out below. Item Threshold/rate from 1 July 2021 CGT improvement threshold $156,784 Division 7A benchmark interest rate 4.52%* Car limit (depreciation) $60,733 Car expenses – cents per km method 72 cents*   Employee truck driver – reasonable meal expenses Breakfast: $26.15 Lunch: $29.85 Dinner: $51.50 Overtime...

Do you need to pay tax on COVID-19 financial support payments?

There are a number of different schemes providing government help for individuals and businesses affected by the COVID-19 pandemic. If you receive assistance (whether from the Commonwealth or a State or Territory government), you may be wondering if you need to pay tax on the assistance....

How to develop a profit improvement strategy

By Michael Fox and Chrisanthe Lekatis This is the second blog of our 'Profit Improvement Strategy' series where we will discuss improving gross profit margin and how to avoid the price trap. In the first blog, we explain the basic principles to improve business profit from four...