September 2022 – Practice Update

More COVID-19 business grants are now tax-free The Federal Government has expanded the list of State and Territory COVID-19 grant programs that may be tax-free to eligible businesses. A State or Territory Government COVID-19 grant payment will generally be tax-free if: the payment is received under a grant program that is formally declared to be...

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August 2022 – Practice Update

Tax time focus on rental property income and deductions The ATO is focusing on four major concerns this tax season when it comes to rental properties. Concern 1: Include all rental income When preparing tax returns, make sure all rental income is included, such as from short-term rental arrangements, renting part of a home, and...

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July 2022 – Practice Update

Happy New Financial Year. It was such a busy June that we were not able to get the June newsletter went out. But the July update is jam-packed with a heap of useful information.   ATO’s small business focus for the 2022 income year The ATO announced that it will be focussing on the following...

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