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Income Tax Articles

Work-test repeal – enabling those under 75 to contribute to super

From 1 July 2022, the work-test has been scrapped and individuals aged younger than 75 years will be able to make or receive non-concessional contributions or salary sacrifice superannuation contributions.

Additional guidance from the ATO on cryptocurrency

The ATO has released some further high-level guidance on the tax treatment of cryptocurrency which might be useful in determining the tax outcome for clients who are involved in cryptocurrency transactions.

Immediate capital deductions extended

Legislation passed by Parliament last month extends the rules to cover assets that are first used or installed ready for use by 30 June 2023.

COVID-19 Home Office hourly claim extended

The ATO has recently announced a further extension to the temporary shortcut method for claiming home office running costs, extending the method to the 30th June 2022.

Are COVID-19 grants and funding tax free?

Most people would think that money provided by the Government to support people and business during a crisis would be tax free. Otherwise, it’s like giving money with one hand and then taking it away with the other, isn’t it?

New laws target sharing economy platforms

In an attempt to reign in undeclared income, proposed new laws will require platform providers in the sharing economy to report all transactions through their platforms.