Small business skills and training boost
A bonus tax deduction of 20% is available for external training costs for staff. It is available for expenses you have incurred between 29 March 2022 and 30 June 2024. However, any bonus deductions for expenses incurred before 30 June 2022 may be delayed by a year in being refunded to your business.
Salary packaging an electric vehicle under the new FBT exemption
The federal government is providing an exemption to car benefits fringe benefits tax (FBT) for electric vehicles. This exemption will allow employees to salary package an electric vehicle from their employer to obtain a substantial tax benefit. This legislation intends to improve the viability of purchasing a new electric vehicle.
ATO update on trust reimbursement agreements
On 23 February 2022, the ATO issued multiple draft guidance documents relating to trust arrangements that may be caught by anti-avoidance trust tax laws. The ATO has now clarified the draft guidance after receiving submissions from the tax professionals and accounting bodies.
ATO scrutiny of family trust arrangements
On 23 February 2022, the ATO issued multiple draft guidance documents relating to trust arrangements that may be caught by anti-avoidance trust tax laws.
Surgery suspension and your PAYG tax instalments
The latest iteration of covid related disruptions results in the postponement of all non-urgent elective surgeries until March 1. As a medical specialist who relies on procedural work, your revenue will drop between 10% to 20% for the current financial year.