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Temporary Full Expensing Explained

temporary full expensing explained

With the end of financial year fast approaching, and the temporary full expensing scheme extended to 30 June 2023, now is the perfect time to understand what this scheme can do for your business. With this temporary measure, businesses are now able to immediately deduct the full cost of eligible assets. The Federal Government first

Tax Deductibility of COVID-19 Test Expenses

tax deductibility of covid-19 test expenses

Following much anticipation, the government declared that COVID 19 tests, including PCR and RATs (rapid antigen tests), will be tax deductible and free from FBT when acquired for business-related purposes. This is intended to apply in cases where an individual is expected to report to work or has the choice to work remotely. From 1

Super Changes from 1 July 2022

super changes from 1 july 2022

Here is a summary of the most significant changes in super that will likely affect small business owners and go into effect on July 1, 2022. Superannuation guarantee increase to 10.5% On July 1, 2022, the Superannuation Guarantee (SG) rate will increase from 10% to 10.5%. It will thereafter grow by 0.5% per year until

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