The Morrison Government’s 2022 Federal Budget was handed down on 29 March 2022 by Treasurer, Josh Freydenberg. Unemployment is down at its lowest in almost 50 years however inflation is on the rise due to factors such as the Pandemic and the war on the Ukraine,...
Each year, we are asked about the tax impact of various Christmas or holiday related gestures. Here are the main areas of concern: Staff Gifts The key to Christmas presents for your team is to keep the gift spontaneous, ad hoc, and from a tax perspective, below $300...
QUESTION Since March 2020 and during the COVID-19 pandemic, a client spent 16 months living in a home he owns in rural Victoria in order to attend to business interests he has there. During this time, his wife continued to live in their Melbourne home (where they...
One of TSP’s long term clients, aged 65 and retired, came to TSP for some advice relating to the sale of an investment property. The property had been owned for over 10 years with capital gains tax required upon its sale. TSP immediately conducted several...
The tax treatment of costs and allowances incurred when an employee travels for work, or spends time living away from home for work, can be misunderstood by employees – and also by employers where fringe benefits tax applies. New ATO guidance goes some way...
Most people would think that money provided by the Government to support people and business during a crisis would be tax free? Otherwise, it’s like giving money with one hand and then taking it away with the other, isn’t it? But, the tax laws don’t work like that. To...
