April 2022 – Practice Update

2022-2023 Budget Measures that are now law Low and Middle Income Tax Offset A measure that will no doubt be beneficial for individual taxpayers is the increase in the Low and Middle Income Tax Offset (‘LMITO’) for the 2022 income year by $420.  The LMITO is a tax offset which reduces an individual taxpayer’s tax...

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March 2022 – Practice Update

Tax deductibility of COVID-19 test expenses After much speculation, the Government announced that COVID-19 tests, including Polymerase Chain Reaction (‘PCR’) and Rapid Antigen Tests (‘RATs’), will be both: tax-deductible; and exempt from FBT; broadly where they are purchased for work-related purposes. This will require the introduction of new specific legislation (i.e., to clarify that work-related...

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December 2021 – Practice Update

After yet another year of challenges, we would like to take this opportunity to thank our clients for their ongoing support and understanding throughout 2021. We look forward to welcoming you back in 2022 and working with you to reach your financial and personal goals.  From all of us at Hughes O’Dea Corredig, we wish...

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