The Government has decided not to go down the austerity path, which will be a relief for many taxpayers and businesses.

Low income off sets - LMITO retained for 2021-22 (no changes to individual tax rates)

First Home Super Scheme to be extended for withdrawals up to $50,000

The Government will extend the temporary full expensing measure until 30 June 2023. It was otherwise due to finish on 30 June 2022.

When you sell or otherwise dispose of real estate, the time of the event (when you make a capital gain or loss) is usually when one of the following occurs…

It is possible to receive amounts that are not expected by the ATO to be included as income in your tax return. However some of these amounts may be used in other calculations, and may therefore need to be included elsewhere in your tax return.

A general law partnership is formed when two or more people (and up to, but no more than, 20 people) go into business together. Partnerships are generally set up so that all partners are equally responsible for the management of the business, but each also has liability for the debts that business may incur.

The Australian Government has made changes to the ATO’s insolvency framework to help more small businesses restructure and survive the economic impact of COVID-19.

Most people think of retirement as a time to put your feet up and relax, but it can also be a time when preretirees and retirees alike actually need to flex the grey matter.