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Claiming crypto donations is a risky business

Claiming crypto donations is a risky business

An updated assessment guide by the ATO has revealed that cryptocurrency donations may be liable for both capital gains tax (CGT) and donation tax rules.  So if you are thinking about donating any cryptocurrency assets and then claiming back on the donation, then there are a few things you’re going to need to consider.  Firstly, it is imperative that you…

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Tax planning tips for 2022

Tax planning tips for 2022

Are you interested in improved cash flow management, planning for the future and confidently being able to prepare for your tax liabilities? We have a few tax planning tips and tricks to help you get yourself in the best possible situation. Before you go through them, we want to take the opportunity to remind you of our services here at…

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Fringe Benefits Tax (FBT): A quick guide:

Fringe Benefits Tax (FBT): A quick guide:

You’ve heard of the term a lot, but do you really understand the ins and outs of FBT (Fringe Benefits Tax)? We thought that a short guide on FBT that decodes the jargon and explains how it may affect you, might be a useful read.  Fringe Benefits are provided to an employee. They are essentially non-cash advantages of working with…

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ATO offers automatic interest on early payments

ATO offers automatic interest on early payments

The ATO has stated that from March 2022, they will be automatically identifying, calculating and paying Interest in Early Payments (IEP) entitlements. Any funds you receive will be directly placed into the bank account that you have nominated.  If payments for certain liabilities are made to the ATO 14 or more days before they are due, then businesses are entitled…

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The 2022 Budget headlines

The 2022 Budget headlines

Expect more and more headline grabbers to be popping up over the next few days and weeks regarding the Budget 2022. One of the biggest showstoppers at this moment is the training and technology incentives, where a $120 tax deduction is available for every $100 spent. $1.20 for every $1.00 spent This is specifically for digital technology and training for…

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Queensland workers ‘ripped off’

Queensland workers ‘ripped off’

$940 million in super have not been paid out to the 570,000 Queensland workers who were eligible in the 2018/2019 tax year, losing an average of $1600. This has been uncovered in a report titled ‘Super Scandalous: how to fix the $5 billion scourge of unpaid super’ by the Industry Super Australia (ISA).  It shows that in 6 years, the…

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Offering competitive salaries a growing concern for business owners

Offering competitive salaries a growing concern for business owners

Although growth prospects are looking more promising for 2022 as compared to 2021, with 71% of all Australian business owners feeling confident about this, offering competitive salaries is a big concern for many.  Research conducted by Robert Half found that of the 71% of business owners who are confident about growth prospects, 63% cited expanding business opportunities as the top…

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