With the cost of living rising and prices increasing in every sector, we have been receiving questions from several of our clients about how best to combat inflation.
Reduced tax rates may be available to eligible entities. Eligible entities include companies, corporate unit trusts and public trading trusts. If your company is a ‘base rate entity’, your company tax rate is 25% for the 2021–22 income year and foreseeable future.
As we enter the new financial year, several new tax changes will be coming into effect as of 1 July 2022
From 1 July 2022, the national minimum wage will increase by 5.2%, which is about $40 per week. The new national minimum wage will be $812.60 per week for full time workers or $21.38 per hour.
The ATO has warned taxpayers to be vigilant on a range of claims that they will be paying greater attention to during tax time. These claims include work-related expenses, cryptocurrency gains and rental income and deductions. The ATO has stated the areas in high focus are where most mistakes are made…
There have been several developments recently which are relevant to Not-for-Profit organisations and charities.