The ATO has announced four key areas that it will be focusing on for Tax Time 2022: * Record-keeping. * Work-related expenses. * Rental property income and deductions. * Capital gains from crypto assets, property, and shares. […] Continue Reading
An event that we have become accustomed to every 1 April, is that the amount of the Private Health Insurance (‘PHI’) rebate decreases. The Australian Government rebate on PHI is annually indexed on 1 April by a Rebate Adjustment Factor (‘RAF’) representing the difference between the Consumer Price Index and the industry weighted average increase […]
A measure that will no doubt be beneficial for individual taxpayers is the increase in the Low and Middle Income Tax Offset (‘LMITO’) for the 2022 income year by $420. The LMITO is a tax offset which reduces an individual taxpayer’s tax liability. This means that the maximum amount of the LMITO for the 2022 […]
After much speculation, the Government announced that COVID-19 tests, including Polymerase Chain Reaction (‘PCR’) and Rapid Antigen Tests (‘RATs’), will be both: * tax-deductible; and * exempt from FBT; broadly where they are purchased for work-related purposes.[…] CONTINUE READING
