From the 30th of March the Australian Taxation Office (ATO) have reduced Fuel Tax Credit ratesThe Government has temporarily halved the excise and excise equivalent customs duty rates for petrol, diesel, and all other petroleum-based products (except aviation fuels) to offer temporary relief on the current fuel prices.

The 2022-23 Budget is safe and ballot box friendly with a focus on jobs, cost of living, home ownership, and health.Key initiatives include:A 6 month, 50% reduction in fuel excise with effect from midnight Budget nightA $420 cost of living tax offset for low and middle income earners from 1 July 2022A one-off $250 economic support payment to some social security payment recipientsFor small business, a $120 tax deduction for every $100 spent on training employees and digital adoption.

Introduced in the 2020-21 Budget and now extended until 30 June 2023.

Recently, the Australian Taxation Office (ATO) released a package of new guidance material that directly targets how trusts distribute income. Many family groups will pay higher taxes (now and potentially retrospectively) because of the ATO's more aggressive approach.

A director ID is a 15 digit identification number that, once issued, will remain with that director for life regardless of whether they stop being a director, change companies, change their name, or move overseas.

Two landmark cases before the High Court highlight the problem of identifying whether a worker is an independent contractor or employee for tax and superannuation purposes.

Every year, we are asked about the tax impact of various Christmas or holiday related gestures. Our top issues are

In early November, the Commonwealth Bank announced that it is now Australia's first bank to offer customers the ability to buy, sell and hold crypto assets, directly through the CommBank app. You know when the banks come on board, cryptocurrency has become normal.

Superannuation is not like other assets as it is held in trust by the trustee of the superannuation fund. When you die, it does not automatically form part of your estate but instead, is paid to your eligible beneficiaries by the fund trustee according to the rules of fund, superannuation law, and the death nomination you made.

Employers have an extra step to take if you have new employees who start from 1 November 2021 and they don't choose a super fund.

MYOB AccountRight Payroll and Essential users, you may be aware that on 1 July 2021 the superannuation guarantee contribution rate increased from 9.5% to 10%. This is the minimum super amount you must pay all eligible employees from 1 July onwards.

The Federal Government has legislated an 0.5% increase to the Compulsory Super Guarantee from 1st July 2021, with further increases over the next five years. The blog is a guide to help our clients/employers understand the impact of these changes to employee remuneration.