Tax season is upon us and the Australian Taxation Office (ATO) has revealed its four priority areas of focus this tax season. Record-keeping Work-related expenses Rental property income and deductions, and Capital gains from crypto assets, property, and shares. In general, there are three ‘golden rules’ when claiming tax deductions: You must have spent the …
There are a series of reforms and changes which will commence on 1 July 2022 so here we’ve put together what’s coming up for business, personal finance and superannuation. For business Superannuation guarantee increase to 10.5% The Superannuation Guarantee (SG) rate will rise from 10% to 10.5% on 1 July 2022 and will continue to …
The Government temporarily halved the excise and excise equivalent customs duty rates for petrol, diesel and all other petroleum-based products (except aviation fuels) for 6 months from 30 March 2022 until 28 September 2022. This has caused a reduction in fuel tax credit rates. During this 6 month period, businesses using fuel in heavy vehicles …
Although there are lots of reasons to keep fit and healthy, however, very few of them have to do with how we earn our income. As a result, a tax deduction for a gym membership is not available to most people. And before you ask – yes, the Tax Office has heard all the arguments …
Can I claim a tax deduction for my gym membership? Read More »
The team at Acumon have some very exciting news to share. We are proud to be taking ownership of Mainstay Advisers, located in Wallsend. We will be incorporating Mainstay into our operations and are excited to offer our services to their existing clients. We also look forward to welcoming Brendon, Jodi, Millie and Sam to …
Exciting News: Now incorporating Mainstay Advisers, Wallsend Read More »
Although the Federal Budget announcement that businesses will be able to claim a 120% deduction for expenditure on training and technology costs is a great initiative it is important to remember that it is just that, an announcement and not yet law. And, given the Government is in caretaker mode for the Federal election, we …
More details: Proposed 120% deduction for skills training & technology costs Read More »
Parents, you have the power to shape your child\’s relationship with money. So, it’s never too early to start talking to our children about where money comes from, how to budget, how to spend wisely and how to set savings goals. Here we’ve put together a series of tips for teaching your children to be …
Throughout March, the ATO sent letters to directors who are potentially in breach of their obligations to ensure that the company they represent has met its PAYG withholding, superannuation guarantee charge, or GST obligations. These letters are a warning shot and should not be ignored. The director penalty regime ensures that directors are personally liable …
Attention Directors: Check any ATO penalty notices Read More »
CLICK HERE to read the Acumon Connect Autumn 2022 Newsletter In this issue: Welcome 2022 surprise inflation figures Supply woes Welcome to the team, Harry Federal budget 2022-23 Recipe of the season Setting the perfect foundations
Businesses struggling with the Omicron wave of the pandemic have been offered new grants and support in NSW, SA and WA. New South Wales The NSW Small Business Support package provides eligible employing businesses with a lump sum payment of 20% of weekly payroll, up to a maximum of $5,000 per week for the month …