News

Acumon Connect: Winter Issue

CLICK HERE to read the Acumon Connect Winter 2022 Newsletter In this issue: Welcome Tax Time Targets Fast facts around FBT Record Keeping & Director ID Lodgement reminders & key dates Congratulations to Callan Stammer The 4 D’s

ATO: Tax Time Targets

Tax season is upon us and the Australian Taxation Office (ATO) has revealed its four priority areas of focus this tax season. Record-keeping Work-related expenses Rental property income and deductions, and Capital gains from crypto assets, property, and shares. In general, there are three ‘golden rules’ when claiming tax deductions: You must have spent the …

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Fuel tax credit changes

The Government temporarily halved the excise and excise equivalent customs duty rates for petrol, diesel and all other petroleum-based products (except aviation fuels) for 6 months from 30 March 2022 until 28 September 2022. This has caused a reduction in fuel tax credit rates. During this 6 month period, businesses using fuel in heavy vehicles …

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More details: Proposed 120% deduction for skills training & technology costs

Although the Federal Budget announcement that businesses will be able to claim a 120% deduction for expenditure on training and technology costs is a great initiative it is important to remember that it is just that, an announcement and not yet law. And, given the Government is in caretaker mode for the Federal election, we …

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