Tax-smart tips for crypto asset investments

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 […]

FBT, COVID-19 tests and the otherwise deductible rule

Be aware of the rules and exemptions regarding COVID-19 testing

Whilst FBT obligations do exist, there are exemptions and deductions that can be granted when providing COVID-19 tests to employees

You may have to pay Fringe benefits tax (FBT) if you:

provide your employees or their family members with COVID-19 tests such as a rapid antigen test, […]

COVID-19 test expenses

From 1 July 2021, if you pay for a COVID-19 test for a work-related purpose, you can claim a deduction.

This only applies if you’re an employee, sole trader or contractor.

When you can claim COVID-19 testing

From 1 July 2021, to claim a deduction for the cost you incur to pay for a COVID-19 test, […]

Future proof your small business with cloud technology

Small business thriving in a changed world

A couple of months ago, Xero commissioned a study through Forrester Consulting called The next chapter for small business: How to thrive in a changed world.

The study explores the impact of COVID-19 on small businesses and identifies some strategies that have proven successful in helping small businesses […]

ATO allowances on late lodgement and penalties

Lodgement due date for all tax returns denied

An extension was requested in light of the extra COVID-19-related issues many business owners have worked through, including setting up employees for JobKeeper and accessing the government’s stimulus package.

However the ATO Deputy Commissioner replied: “We recognise and appreciate your efforts to help your clients meet their […]

Under COVID-19 providing certain benefits deemed not taxable

COVID-19 employment benefits

The ATO has been asked pertinent questions from taxpayers about some salient queries that have arisen due to the current COVID-19 employment environment. These may apply to a wide sample of taxpayers.

Some queries have related to fringe benefits tax (FBT) and the supply of items from an employer to staff to […]

Salisburys tax planning reminder

Reduce your tax

With the end of financial year just weeks away, there is still time to discuss with us the actions you can take before 30 June to reduce tax and access additional cash flow.

“In the business world, the rear view mirror is always clearer than the windshield” – Warren Buffett

It’s the […]

COVID-19 work-from-home expense FAQs

The ATO issues specific guidance addressing common questions

Many of our clients have questions about claiming expenses when forced to work from home over the COVID-19 period.

The accounting profession has also reported other clients coming to them with concerns about any consequent capital gains issues when later selling a property from which they had […]

False laundry claims

ATO targeting false laundry claims

The ATO will take strong action against false clothing and laundry work-related expense claims this tax time.

The ATO noted that six million taxpayers claimed clothing and work-related laundry expenses in 2018. Although many Australians can claim clothing and laundry expenses, Assistant Commissioner Karen Foat said that it is unlikely […]

Important End of Financial Year Actions for You

EOFY reminders – annual tax returns

Another financial year is about to finish! As a business owner, there are many obligations that you need to consider and action just before and after 30 June.

Some of these will help to minimise your tax. Others will reduce your exposure to an ATO tax audit. We have […]