Tax

The maximum value for calculating depreciation on the business use of a car first used or leased in the 2023–24 income year has increased.

As we approach the end of the financial year all trustees need to be considering their trust distributions for the 30th June 2023.

It’s a common myth that FBT doesn’t apply to dual cab utes. However, this isn’t correct given the number of fringe benefit tax treatments and how each incurs FBT.

It's just under a month before the Temporary Full Expensing Measures finish. Temporary full expensing rules allow eligible businesses to claim a tax deduction for the full cost of eligible depreciable assets.

As part of this month's Budget measures, the government announced a lodgement penalty amnesty for small businesses to encourage re-engagement with the tax system and get tax up-to-date.

Our Tax & Superannuation Report outlines key tax, superannuation and social security measures announced by the Government in last night's Federal Budget.

The income thresholds used to calculate the private health insurance rebate will increase from 1 July 2023 after an 8-year rate freeze.

The Medicare levy surcharge is changing with income thresholds scheduled to increase from 1 July 2023.

Calculation and record keeping requirements of your working from home deductions may have changed for the 2022-23 income year.