The temporary full expensing of depreciating assets has been extended for another year until 30 June 2023. The measure was originally introduced in 2020 as a part of the Federal government’s COVID-19 business rescue package aimed at encouraging business investment by providing a cash flow benefit. As originally introduced, the measure was due to end on 30 June 2022.

Eligible businesses will have one last chance in their 2021-22 tax return to claim the loss carry back, which provides a refundable tax offset to reduce tax liabilities. Those businesses that have an early balancer substituted account period (SAP) for the 2021-22 income year are eligible to claim the loss carry back offset before 1 July 2022.

With the end of the financial year (EOFY) just around the corner, it’s important to ensure your SMSF meets its compliance obligations.
The rules around SMSFs are strict and if you don’t do things the right way, your fund could end up paying extra tax. Worse still, it could find itself declared non-compliant.
Here’s some of the key tasks trustees need to complete prior to 30 June 2022.

It seems like June 30 rolls around quicker every year, so why wait until the last minute to get your personal finances in order?

With all the uncertainty and special support measures of the past two years, it’s possible your finances have changed for better, or for worse. So it’s a good idea to ensure you’re on track for the upcoming end-of-financial-year (EOFY).
Starting early is essential if you want to make the most of the opportunities on offer when it comes to your super and tax affairs.

Stay up to date with what's happened in Australian markets over the past month.

Cost of living pressures, inflation and interest rates were major concerns in the lead-up to the May federal election.

Stay up to date with what's happened in Australian markets over the past month.

The economic event that overshadowed all others in April was the increase in inflation.

The release of the March quarter Consumer Price Index (CPI) showed inflation up 2.1% in the quarter and 5.1% on an annual basis. This was the biggest increase since 2001 and well above the Reserve Bank’s target of 2-3%.

Stay up to date with what's happened in Australian markets over the past month.

The war in Ukraine added a major new source of uncertainty to the local and global economic outlook in March.

Inflationary pressure continued as global economies recover from the pandemic and as crude oil prices surged due to economic sanctions against Russia.

If you’re a small business owner and the pandemic has made you reassess your future, whether it be retirement or selling your business and starting afresh somewhere else, just remember that there may be capital gains tax (CGT) consequences to such a move. However, the tax law does provide four concessions to enable eligible individuals to eliminate or at least reduce the capital gain on a CGT asset provided certain conditions are met.