The ATO has finalised a tax ruling which provides additional relevant guidance on the statutory residency tests for individuals and how the Commissioner may apply them under s 6(1) of ITAA 1936. Taxation Ruling TR 2023/1 focuses on modernised ways of working,...
The federal government has announced a small business energy incentive as part of the 2023-24 Federal Budget, which allows a business with an aggregated annual turnover of less than $50 million a 20% bonus deduction for expenditure that supports electrification and...
New legislation has been enacted to specifically exclude crypto assets from the definition of foreign currency under income tax laws. The intention of the legislation is to remove uncertainty surrounding crypto assets following the decision of the Government of El...
A bonus deduction may be available in this upcoming tax return for expenses relating to undertaking a digital adoption for your business. This bonus deduction is 20% of the costs you’ve incurred to support a digital adoption, including but not limited to:...
Small businesses (those with aggregated turnover of less than $50m) will get a bonus tax deduction on top of the allowable deduction for training their employees, either in-person in Australia, or online. The Skills and Training Boost has been reignited, bringing a...