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,...
IP insurance in super: beware of offsets
If you have IP (income protection) insurance in your MySuper product, it’s time to check the details, including any “offset” clauses that may reduce the value of any claim Insurance within super is usually the most cost effective way for an individual to cover...
Building delays may cost you in more ways than one
If you’re building or substantially renovating your home, delays may end up costing you more than just money now. Most of Australia has been experiencing a building boom fuelled by government policy such as the HomeBuilder scheme and a general desire to make our...
Overview of small business CGT concessions
Do you know if your business is eligible to claim small business CGT concessions? If you’re thinking of retiring or selling your business find out more. If you’re a small business owner and the pandemic has made you reassess your future, whether it be retirement or...
Data-matching: Medicare Exemption Statement
ATO has announced the extension of its Medicare exemption statement data-matching program. As the year draws to an end, the ATO has extended another data-matching program, this time into the Medicare Exemption Statement (MES). The MES is a statement that outlines the...