Tax Planning Archives - Salisbury Accountants

Tax-smart tips for crypto asset investments

September 26, 2022/in Tax Planning /by Salisbury Accountants & Business Advisors

You may need to include a capital gain or capital loss in your income tax return

If you exchange crypto assets (crypto) for goods, cash or other crypto assets then this is normally considered a disposal for the purposes of capital gains tax.

Make tax time easier by remembering these 3 tips: Disposal of crypto assets […]

Research & Development (R&D) Tax Incentive

September 21, 2022/in Tax Planning /by Salisbury Accountants & Business Advisors

Not sure if you can access the R&D incentive?

Your business could be eligible for a tax offset through the Research & Development (R&D) Tax Incentive.

To find out, join members from the ATO and AusIndustry in one of their free information sessions to learn how the program might benefit your business.

Free sessions

Register […]

EOFY and the tax time countdown

June 15, 2022/in Tax Planning /by Salisbury Accountants & Business Advisors

End of financial year calendar and the countdown to tax time — FY22

A lot of things need to happen between the end of financial year (EOFY) and tax time. Here are the dates and deadlines to keep in mind when getting tax ready.

Key dates in June

30 […]

Reduce Your 2022 Tax

May 12, 2022/in Tax Planning /by Salisbury Accountants & Business Advisors

Tax planning key priorities

With the end of financial year approaching quickly, NOW is the time to discuss with us the actions you can take before 30 June 2022 to reduce your tax and grow your wealth.

Many business owners have reduced their 2022 PAYG instalments to Nil during the COVID-19 period, but now you […]

2022/23 Federal Budget

March 31, 2022/in Tax Planning /by Salisbury Accountants & Business Advisors

1. Personal income tax changes

1.1 Increase to low and middle income tax offset (‘LMITO’)

The Government has announced a once-off $420 ‘cost of living tax offset’ for the 2022 income year, which will be provided in the form of an increase to the existing LMITO. This will increase the maximum LMITO benefit to $1,500 […]

Resources to navigate fringe benefits at tax time

March 23, 2022/in Tax Planning /by Salisbury Accountants & Business Advisors

Get ready for fringe benefits tax time

The 2022 fringe benefits tax (FBT) year ends on 31 March 2022, so it’s a good time to start considering what you need to do to lodge and pay your FBT.

Employers will need to work out if you have an FBT liability for fringe benefits you’ve provided to […]

February 2022 cryptocurrency scam

February 14, 2022/in Tax Planning /by Salisbury Accountants & Business Advisors

Cryptocurrency tax evasion scam

Scammers pretending to be from the ATO are telling people they are suspected of being involved in cryptocurrency tax evasion

They are then asking them to ‘connect their wallet’ and provide detailed information via a link.

If you receive an SMS or email like this, don’t click on the link. It […]

Key changes to ABN details

January 31, 2022/in Tax Planning /by Salisbury Accountants & Business Advisors

Why update your ABN details

To reflect the range of services a business undertakes, you can now add an extra four business activities when updating Australian business number (ABN) details.

By updating these activities you can receive the right assistance and support from government agencies when your business needs it.

Updating your ABN […]

Tax-free treatment of COVID-19 grants to be extended

July 9, 2021/in Grants, Tax Planning /by Salisbury Accountants & Business Advisors

Tax treatment of COVID-19 grants

State and territory grants issued to small businesses in response to COVID-19 will continue to be tax-free under a new bill introduced into Parliament.

Treasury Laws Amendment (COVID-19 Economic Response) Bill 2021 has now been introduced into Parliament, extending the application of the non-assessable non-exempt income status to eligible business support […]