The 2022/23 Budget was handed down on Tuesday, 25 October 2022 by the government. The Budget estimates an underlying cash deficit of $36.9 billion for 2022-23 (and $44bn for 2023-24). While the economy is expected to grow by 3.25% in 2022-23, it is predicted to slow to 1.5% for 2023-24, a full percentage point lower […]
Federal Budget 2022-2023 – Impact For Individuals Read More »
2022/23 Budget The 2022/23 Budget was handed down on Tuesday, 25 October 2022, by the government. The Budget estimates an underlying cash deficit of $36.9 billion for 2022-23 (and $44bn for 2023-24). While the economy is expected to grow by 3.25% in 2022-23, it is predicted to slow to 1.5% for 2023-24, a full percentage
Federal Budget 2022-2023 Business Impact Read More »
Offset your business loss You may be able to offset your business loss against other income (such as salary and wages) if you’re a sole trader or in a partnership. Firstly, however, your loss must not be non-commercial. A non-commercial business loss is a loss you incur, either as a sole trader or in partnership,
Claiming Business Losses Read More »
Land tax in Queensland If you own land in Queensland (or are contemplating making a purchase) and also own other land interstate (or you are contemplating making a purchase) you may soon have an increased land tax liability. As of 30 June 2023, Queensland landholders’ land tax liability will be based on the Queensland proportion
Queensland Land Tax Update Read More »
Director ID, time is ticking… All existing directors of a company, a registered Australian body, a registered foreign company, or a director of corporate trustees of an SMSF are required to apply for a director identification number (director ID) by 30 November 2022…so act now! If you are a director of an Aboriginal or Torres
Get Your Director Identification Numbers ASAP Read More »
Fake TFN/ABN application of scams The ATO has just recently reported an increase in fake websites offering to provide tax file numbers (TFNs) and Australian Business Numbers (ABNs) for a fee, but then failing to provide the service – leaving taxpayers out of pocket. The fake TFN and ABN services are typically advertised on social
ATO Warning Of Scams Read More »