Tax Planning: Why Being Prepared Is More Relevant Than Ever

Tax planning is not a last minute exercise. It is about being prepared before 30 June locks in your outcome. Businesses that plan ahead have more options, fewer surprises, and better control over cash flow and tax liabilities. With up to date accounts and a clear view of what is ahead, tax planning becomes a proactive way to improve your position rather than simply reporting the result.

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Fringe Benefits Tax (FBT)

As the Fringe Benefits Tax lodgement date looms closer, it’s important to consider if your business has provided any fringe benefits during the year and confirm what your fringe benefits tax obligations are.

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super clearing house outage

Upcoming outage to ATO Superannuation Service, may affect employer deadlines

The ATO’s Small Business Superannuation Clearing House (SBSCH) online service will be unavailable from 11:30pm on Saturday 25 June to 7:00am on Sunday 26 June 2022 AEST, due to a planned outage for maintenance. Scheduling payments too close to 30 June 2022 may mean the super payments do not clear in time. Read more about the potential implications to employers.

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non fungible token tax treatment

A simple guide to Non-Fungible Token (NFT) tax treatment

If you’re already involved in, or considering the Non Fungible Token (NFT) space you need to be aware of the potential tax implications of buying and selling NFTs.
 
In our simple guide, we explain NFTs, their trading nature and importantly, the tax treatment and GST implications of NFTs.
Read on to understand the evolving and complex space of NFTs here.

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Year End Planning

Year End Planning Key Issues

With the end of financial year fast approaching, now is a good time to think about opportunities and risks that should be addressed before 30 June 2022.
To help you with this, we have included some of the key issues that clients should be thinking about pre year end. If you would like to discuss any of these, or other things that are on your radar, don’t hesitate to contact your Hall Chadwick team.

Read our 2022 Year End Planning guide here.

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tax time covid expenses

Tax Time – COVID pandemic related expenses and tests

The ATO has released further clarity on how COVID related expenses including the cost of tests will be treated at tax time and emphasised their firm stance on what will be tax deductible. Read more about what expenses can be claimed, and the ATO stance on those expenses that will not be eligible.

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