Business Tax
ATO Concerns On Luxury Car Tax
The ATO has issued an alert warning taxpayers that it is investigating certain arrangements where entities on-sell luxury cars without remitting the requisite luxury car tax amount. This applies to those selling…
Timely Opportunities
COVID-19 Vaccination Rewards: Tax Implications
Amidst the current Omicron wave, and the government shortening booster dose intervals, many businesses are encouraging their employees to get either vaccinated or the booster dose by offering…
More support for NSW businesses as Premier declares ‘national emergency’
Projections from earlier in the week by the Population Interventions Unit at the University of Melbourne estimated that Sydney’s stay-at-home orders would need to be extended into September to get the latest outbreak under control, meaning…
Parliament Passes Bill on Tax-Free COVID-19 Support Payments
The Treasury Laws Amendment (COVID-19 Economic Response No. 2) Bill 2021 finally passed both houses without amendment on Monday after the Senate agreed not to insist on a transparency measure which would have forced businesses to disclose…
Lost paper receipts see 1 in 4 SMEs miss out by thousands
A new report conducted by Aussie fintech company Slyp and big four bank NAB surveyed over 300 businesses to identify the impact paper receipts have on SMEs come tax time.
According to the research, 25 per cent of those surveyed have lost…
Superannuation Guarantee Changes from 1 July 2021
Superannuation Guarantee rate increases to 10% on 1 July 2021
The Superannuation Guarantee (SG) rate as currently legislated will increase from 9.5% to 10% with effect from 1 July 2021 with further increases of 0.5% per year to come from…
Tax Depreciation Business Incentive Summary Information
The latest Federal Budget announced a welcome extension to the full expensing policy. BMT tax Depreciation Quantity Surveyors provide 3 tables summarising all the 2020 to 2023 business stimulus incentives available for plant & equipment…
Federal Budget 2021 - 2022
Federal Budget 2021 - 2022
PERSONAL TAXATION
Personal tax rates unchanged for 2021–2022
In the Budget, the Government did not announce any personal tax rates changes, having already brought forward the Stage 2 tax rates to 1 July 2020 in…
NSW Payroll Tax Avoidance Penalties Set for 400% Increase
NSW Minister for Finance and Small Business Damien Tudehope on Wednesday announced a package of new tax laws which will see fines of $110,000 and imprisonment issued to businesses committing wage theft, and empower Revenue NSW to name and shame…
Treasury Reveals Director ID Deadline
The new dates come as the government looks to introduce the director ID regime to prevent illegal phoenixing by ensuring directors can be traced across companies, while also preventing the use of fictitious identities.
The new regime will…