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Archive for category: Tax
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Immediate Deductions Extended
Legislation passed by Parliament last month extends the Temporary Full Expensing rules to cover assets that are first used or installed ready for use by 30 June 2023.
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What is a Director Identification Number? | Why do I Need a DIN?
Pat Mannix talks about Director Identification Numbers (DIN). What is a DIN? Why do the directors of Australian companies need one? What date do you need to apply by? Pat answers all of these questions in this informative short video.
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Kids Over 18 in a Family Trust | Distributions
Pat Mannix talks about the distribution and tax changes that occur within a Family Trust once a child is over 18 years old. Check out this informative short video.
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The ATO’s Attack on Trusts and Trust Distributions
Late last month, the Australian Taxation Office (ATO) released a package of new guidance material that directly targets how trusts distribute income. Many family groups will pay higher taxes (now and potentially retrospectively) as a result of the ATO’s more aggressive approach.
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Federal Budget 2022-23
The Federal Budget has been brought forward to 29 March 2022. With the pandemic and the war in Ukraine we have seen a lot less commentary this year about what to expect in the Budget.
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Professional Services Firm Profits Guidance Finalised
The Australian Taxation Office’s finalised position on the allocation of profits from professional firms starts on 1 July 2022.
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Pandemic Leave Disaster Payments rules change
The rules for the Pandemic Leave Disaster Payment, the payment accessible to those who have lost work because they have had to self-isolate with COVID-19, or are caring for someone who contracted it, changed on 18 January 2022.
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PCR and RAT tests to be tax deductible, FBT free
The Treasurer has announced that PCR and rapid antigen tests (RAT) will be tax deductible for individuals and exempt from fringe benefits tax (FBT) for employers if purchased for work purposes.
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