Budget 2022: what’s in it for businesses?
The 2022 Federal Budget has been handed down with some sweeteners for small businesses. On Tuesday, 29 March 2022, Treasurer Josh Frydenberg handed down the 2022-23 Federal Budget, his 4th Budget. In an election Budget, the Treasurer announced a range of measures...
Super guarantee minimum threshold removed
From 1 July 2022, the minimum threshold at which an employer has to pay super under the super guarantee scheme will be removed. How will it benefit you? Low-income employees should rejoice that the minimum threshold at which an employer has to pay super under the...
Temporary full expensing of assets extended
Temporary full expensing of depreciating assets has been extended until 30 June 2023. Your business still has time to purchase eligible assets and deduct the full value in your tax return. The measure was originally introduced in 2020 as a part of the Federal...
Downsizer contributions: Age limit change
The downsizer age limit will be lowered from 1 July 2022. If you’re thinking of downsizing, you can boost your super at the same time. To help those nearing retirement boost their super balances, those aged 65 and over are able to make downsizer contributions of up to...
Last chance to claim the loss carry back
Eligible businesses in need of financial help are able to take advantage of the loss carry back offset for the last time in their 2021-22 income tax return. They will have one last chance in their 2021-22 tax return to claim the loss carry back, which provides a...
COVID-19 tests may be deductible?
The government has proposed to make COVID-19 tests, both rapid antigen and polymerase chain reaction tests, tax deductible for individuals where they are purchased for a work-related purpose. After the recent furore over the non-existent supply of COVID-19 rapid...
I started a No Spend Challenge to have a spending free month – why?
When I decided to do a No Spend Challenge for all of February, I signed up on a whim. Literally, the day before the start of the month. Why? To set myself up to fail? Or to set myself more of a challenge? Or just because I love to do things on the fly? Maybe a...
Have you ever tried a No Spend Challenge?
This February 1st, I embarked on a "No Spend Challenge" for the month. 🚫 That meant consciously considering where my energy and money flows for travel, work & family. 💫 I also decided to be Intentional about all aspects of life. ✨ Yes, I chose a "Word for the...
COVID-19 vaccination rewards: tax implications
Is your business is offering rewards or incentives to your employees and/or the general public to get Covid-19 vaccination or the booster? There may be tax consequences. With most of Australia and the world still in the grips of the COVID-19 pandemic, many businesses,...
Are cryptocurrency losses from scams deductible?
Cryptocurrency losses and scams are on the rise in Australia, depending on your circumstances, if you’ve been scammed, you may be able to claim a capital loss in some instances. With the recent collapse of a second Australian cryptocurrency exchange in as many months,...