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...
As part of the 2023–24 Federal Budget, the instant asset write-off has been reintroduced by the federal government. With the temporary full expensing (TFE) incentive, which is available to small and medium businesses with a turnover less than $5 billion, due to expire...
The Federal Treasurer Jim Chalmers handed down the 2023 Federal Budget on 9 May 2023. The following is a list of highlights from a tax and superannuation perspective. Businesses Small businesses with aggregated turnover of less than $10 million will be allowed an...
The federal government has announced its intention to change the tax concessional status for very large superannuation accounts. The tax concessional status will change for individuals with over $3 million in their total superannuation balance (TSB). Effectively, the...