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tax

Unlocking Energy Efficiency: The Essential Guide to the Small Business Energy Incentive

As the clock ticks towards a greener future, the Australian Government has announced a tax concession to small businesses aiming to reduce their carbon footprint and slash energy bills. The Small Business Energy Incentive, a measure announced on 30 April 2023, is specifically tailored to assist businesses with an annual aggregated turnover of less than $50 million. 

Key Focus Areas for Individual Tax Returns: ATO's Watchlist for Australian Taxpayers

As the end of the financial year approaches, it's crucial for Australian taxpayers to be aware of the Australian Taxation Office's (ATO) key focus areas. By understanding these areas, individuals can ensure compliance and minimise the risk of audit or penalties. In this article, we will highlight two significant focus areas and provide valuable insights on how to navigate them effectively.

Year End Tax Planning for Businesses 2022-23

With the end of the financial year for 2022-23 fast approaching, there are many tax planning strategies business owners should consider and have in place before 30 June 2023.

Now is the time to review your tax affairs (if you haven't already) to ensure you have taken advantage of relief available to you, addressed items that need to be completed and considered your planning opportunities.

Our team have prepared a handy year end tax planning guide for businesses, now available for you to download.

Family discretionary trusts – avoiding the risk of ATO action

Discover the benefits of family discretionary trusts and recent developments affecting their use in Australia. With over 928,000 trusts managing assets worth $2.2 trillion, it's important to stay ahead of the risks. Learn how to manage your trust effectively with guidance from Moore Australia's experienced tax advisors. Contact us today to discuss your trust review or any concerns about trust management and distribution strategies.

Working from home deductions - ATO's revised fixed rate

The Australian Taxation Office (ATO) released Practical Compliance Guideline (PCG) 2023/1 which sets out the revised rate for taxpayers wanting to claim work from home expenses using a fixed rate. From the 2023 financial year onwards, taxpayers will only be able to claim working from home deductions based on either the ATO's revised fixed rate, or actual costs.

Migration to Australia – Issues to Consider

If you are one of the thousands of Australians or New Zealanders stuck overseas, the news that Australian borders are reopening will have been a welcome relief.  Over the next months, countless ex-pats will contemplate either leaving Australia or New Zealand or returning home to the ANZ region. If you are among them, you should carefully consider the tax implication of your move. 
 
In this two-part series, our tax experts explore how your finances could be impacted by a move to -or from- Down Under.

 

Migration to Australia – Issues to Consider

如果您是被滞留在海外的数千名澳大利亚人或新西兰人中的一员,那么澳大利亚边境的重新开放将是一个受人鼓舞的消息。在未来的几个月里,无数移居国外的人士将需要考虑离开或者回到澳大利亚和新西兰。如果您是其中之一,则应需仔细考虑移居对税收所产生的影响。

 

在这个由两部分组成的文章当中,我们的税务专家会从税务的角度来浅谈移居澳新地区给您所带来的财务影响

Tax Residency Issues to Consider for Departing or Returning Expats

If you are one of the thousands of Australians or New Zealanders stuck overseas, the news that Australian borders are reopening will have been a welcome relief.  Over the next months, countless ex-pats will contemplate either leaving Australia or New Zealand or returning home to the ANZ region. If you are among them, you should carefully consider the tax implication of your move. 
 
In this two-part series, our tax experts explore how your finances could be impacted by a move to -or from- Down Under.

 

Tax Residency Issues to Consider for Departing or Returning Expats

如果您是被滞留在海外的数千名澳大利亚人或新西兰人中的一员,那么澳大利亚边境的重新开放将是一个受人鼓舞的消息。在未来的几个月里,无数移居国外的人士将需要考虑离开或者回到澳大利亚和新西兰。如果您是其中之一,则应需仔细考虑移居对税收所产生的影响。

 

在这个由两部分组成的文章当中,我们的税务专家会从税务的角度来浅谈移居澳新地区给您所带来的财务影响。

NSW State Budget: 2021-22

On 22 June 2021 New South Wales Honourable Dominic Perrottet delivered the 2021-22 state budget, focussing on COVID safety measures along with targeted spending to assist small business and large spending packages on infrastructure and disaster recovery. 

Queensland State Budget: 2021-22

On 15 June 2021, the Queensland Treasurer Cameron Dick delivered the 2021-22 state budget, following Queensland's nation-leading success in managing the economic health challenges posed by the COVID-19 pandemic, the government is focused on the states economic recovery plan sooner and stronger.

 

2021-2022 Victorian State Budget

On 20 May 2021, the Victorian Treasurer Tim Pallas handed down the 2021-22 Victorian State Budget. A number of tax-related measures were announced in a Budget that is designed to assist Victoria in bouncing back from the pandemic, with a focus on creating jobs and caring for Victorians, particularly mental health initiatives.
 

2021 Fringe Benefits Tax Update

Whilst some aspects of life transition to a new “COVID-normal”, the Australian Taxation Office (ATO) continues to highlight its understanding of how COVID-19 is impacting business, and communicate some of the changes and administrative concessions relevant to employers for the Fringe Benefits Tax (FBT) year ending 31 March 2021 and beyond.
 

Recent Land Tax Changes in Victoria

The Victorian Government has recently enacted changes to the land tax rules in respect of contiguous land in metropolitan Melbourne. From 1 January 2020, the principal place of residence (PPR) exemption will no longer apply to contiguous land unless the PPR land and the contiguous land are in regional Victoria. 

Claiming depreciation on investment property

Rental property investors have access to a range of tax strategies. One such strategy, which is often underutilised, is claiming depreciation as a tax deduction.

Property expenses, such as depreciation and capital works expenditure, can be deducted over a number years, adding to a significant return for property investors come tax time.
 

Shock for landlords as land tax skyrockets

Over the past month soaring property values have seen landlords hit by steep increases in landlord taxes.

A number of landlords, property owners and lessors have been shocked when confronted with sharp increases in land tax bills this month.

The State Revenue Office (SRO) argues that 2016 was a revaluation year, which means your site value will most likely increase in 2017.
 

Globalisation and the tax system- how taxation affects individuals moving to and out of Australia

The world has shrunk and the business is more fluid than ever. Business has changed and e-commerce has revolutionised the way business is done and where business is conducted from.
 
In the modern world, you can conduct business from a coffee shop, on a beach or in an office. With this change and the way products and services are being delivered, we are noticing now more than ever an inflow and outflow of people into and out of Australia.

Working together - the reinvention of the ATO

Late last year, Moore Stephens Victoria  supported the AustralianTaxation Office (ATO) and then subsequently hosted a Key Agent meeting by our Directors with several senior ATO executives to enhance collaboration with our firm and ultimately to deliver a better client experience.

Financial model reviews reveal interesting insights

My previous article about the Moore Stephens Victoria Corporate Finance team was on work we had been doing during winter on Initial Public Offerings (IPO), reverse takeovers (RTO) and an expert witness report.  Some of that work carried over into Spring with a successful outcome for a number of those clients. 

In this article I am writing about some of the interesting work we have been doing with financial forecast modelling – primarily for financiers.  I also find this somewhat encouraging that a number of our clients are out there getting finance for expansion and new businesses.