Covid-19 - Tax Blog

Tax

Are there tax implication for providing COVID-19 related benefits to your employees?

Bruce Collins, January 27 2022

More than the two years since COVID-19 changed the way we live, tax has been brought back in to the spotlight as Omicron rages through the community. Employers – both out of necessity and to protect their employees and customers – are providing various benefits to employees

Tax

Are you an Australian Tax Resident? – Residency Basics and Complications added by COVID-19

Amanda Guruge, October 25 2021

Despite the Budget 2022 announcements made in May 2021, it is important that taxpayers consider their residency circumstances based on the current legislation. With international borders re-opening for those in Australia, it is also vital to consider the impact of residency tests on those who are in Australia due to

Tax

Accountant expenses denied as deductions: Recent ATO announcements about COVID-19 payments

Bruce Collins, September 10 2021

On 3 September 2021, The ATO updated the public information about taxation of certain Government payments during COVID-19 pandemic, following announcements by the Treasurer, Josh Frydenberg. The changes have reclassified a number of Federal and State/Territory Government payment to ‘non-assessable non-exempt’ (‘NANE’) income, meaning the payments a...

Tax

Traps and tips: Preparing your 2021 individual tax return

Amanda Guruge, August 20 2021

With the dawn on a new financial year upon us, it is now tax season. With 100’s of thousands of people preparing their tax return in July and August following the end of a financial year, we wanted to provide you some tips on common mistakes. We always recommend that you should see an accountant to prepare your individual tax return. Simple mistake...

Tax

Covid-19 & Residency of Companies

Bruce Collins, July 13 2021

COVID-19 and central control and management residency test for companies Determining a company’s residency depends on a combination of where it was incorporated or where it is centrally managed or controlled and where the voting power of its shares is controlled. For non-residents of Australia with a company incorporated overseas, COVID-19 could po...

Tax

Budget 2022- SMSF residency

Bruce Collins, July 13 2021

Changes to Superannuation Residency Rules – Budget 2021-2022 Announcement For individuals with a self-managed superannuation fund (‘SMSF’), the Government has announced several changes to the residency requirements of maintaining a SMSF, which will ensure that more SMSF’s maintain their complying status whilst members are overseas.