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Labor commits to income tax cuts and certainty on negative gearing

By accounting hq

The ALP has formally announced that, if elected to Government, they will deliver “the same legislated tax relief . . . as the Morrison Government”. This means they have committed to upholding the legislated changes to personal income taxes, and will also maintain the existing regimes for negative gearing and … Read more

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Travel allowances and ‘LAFHAs’

By accounting hq

The ATO has released a Ruling explaining: when an employee can deduct accommodation and food and drink expenses when travelling on work; the FBT implications, including the application of the ‘otherwise deductible rule’, where an employee is reimbursed for accommodation and food and drink expenses, or where the employer provides … Read more

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Div.293 concessional contribution assessments have been issued

By accounting hq

The ATO has recently issued approximately 30,000 Division 293 assessments for the 2018/19 and 2019/20 financial years. Editor: Division 293 tax is an additional tax on super contributions, which reduces the tax concession for individuals whose combined income and contributions are greater than the Division 293 threshold (currently $250,000). Due … Read more

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ATO warns property investors about common tax traps

By accounting hq

In 2019/20, over 1.8 million Australians owned rental properties and claimed $38 billion in deductions, so the ATO is reminding property investors to beware of common tax traps that can delay refunds or lead to an audit costing taxpayers time and money. The most common mistake rental property and holiday … Read more

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Expansion of support for SMEs to access funding

By accounting hq

The Government is providing additional support to small and medium sized businesses (‘SMEs’) by expanding eligibility for the SME Recovery Loan Scheme. Specifically, in recognition of the continued economic impacts of COVID‑19, the Government will remove requirements for SMEs to have received JobKeeper during the March quarter of 2021, or … Read more

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Extending administrative relief for companies to use technology

By accounting hq

The Government has passed legislation renewing the temporary relief that allows companies to use technology to meet regulatory requirements under the Corporations Act 2001. These temporary relief measures will allow companies to hold virtual meetings and use electronic communications to send meeting-materials and execute documents until 31 March 2022.  This … Read more

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Count Spring 2021 Newsletter

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Count Autumn 2021 Newsletter

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Count Summer 2020 Newsletter

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