Year End Planning

Year End Planning Key Issues

With the end of financial year fast approaching, now is a good time to think about opportunities and risks that should be addressed before 30 June 2022.
To help you with this, we have included some of the key issues that clients should be thinking about pre year end. If you would like to discuss any of these, or other things that are on your radar, don’t hesitate to contact your Hall Chadwick team.

Read our 2022 Year End Planning guide here.

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tax time covid expenses

Tax Time – COVID pandemic related expenses and tests

The ATO has released further clarity on how COVID related expenses including the cost of tests will be treated at tax time and emphasised their firm stance on what will be tax deductible. Read more about what expenses can be claimed, and the ATO stance on those expenses that will not be eligible.

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Super Changes for under 18s

From 1 July 2022, the $450-per-month threshold for super guarantee is being removed. This means that you will need to pay super for your employees who are under 18 years old if they work more than 30 hours per week.

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Federal Budget 2022 23

Federal Budget 2022-23

On 29 March 2022, Treasurer, Mr Josh Frydenberg handed down the 2022-23 Federal Budget. Our team have unpacked all the major announcements to share their expert analysis & insights. Read more here.

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Christmas Parties

Useful tips for Christmas parties

As small businesses celebrate Christmas with staff parties, it is important to remember the Fringe Benefits Tax (FBT) implications for non-FBT exempt organisations. Read more on the tax considerations for your business celebration.

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Research and Development Tax Incentive

Research and Development Tax Incentive

As per the 2020-21 Federal Budget announcement, the Government has dedicated an additional $2 billion to the R&D Tax Incentive program to help stimulate investment in R&D activity by Australian Businesses.

Read on to see the main changes to the Research and Development Tax Incentive which came into effect from 1 July 2021.

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wage subsidy increase

Wage Subsidy Increase

The Australian Government wage subsidy program has increased from 1 July 2021 through to 31 June 2022. Employers may be able to receive up to $10,000 (GST Inclusive) when they hire employees that satisfy the criteria. Read more to view this criteria and see if your business may be eligible to access the wage subsidy for new employees.

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Year End Planning

With the end of financial year fast approaching, now is a good time to think about opportunities and risks that should be addressed before 30 June 2021.

Read more about Year End Planning and access our guide.

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Cryptocurrency and tax impact

Tax Impact on Cryptocurrency

Recently the Australian Tax Office (ATO) has announced that it has been cracking down on the profits made from cryptocurrency investing and trading. This along with the growth in popularity of Bitcoin and other cryptocurrencies as an investment choice mean we need to consider the tax impact of trading and investing in these products.

Read more about the tax impact on cryptocurrency and how to best prepare.

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