Key points Only occupation-specific or protective clothing qualifies for tax deductions . Uniforms must be unique or display a permanent employer logo to be deductible. Keep records of purchases, cleaning costs, and employer allowances for valid claims. The ATO allows certain taxpayers to claim a deduction for the cost of buying and cleaning occupation-specific clothing, items […]
On 22 April 2023, the Australian Government announced a direct pathway to Australian citizenship for New Zealand citizens living in Australia.
In this webinar, our Pitcher Partners speakers, Tax Advisory Partners, Craig Whatman and Irina Tan, and Client Director, Elena Bogomolova, discuss the changes to Victoria’s state taxes that were announced as part of the 2023-24 State Budget.
As the financial year draws to a close, it is time to start thinking about whether your year-end tax planning is in order. This bulletin sets out a number of key considerations for this 30 June. However, tax planning requires consideration of income and deductions for the year as well as whether compliance requirements have been met (e.g. appropriate elections have been made on a timely basis and other appropriate documentation prepared).
With the end of the financial year looming fast, it is an opportune time to consider the tax and financial affairs of your business and ensure that your year-end tax planning is in order.
Treasurer Tim Pallas handed down the Victorian State Budget 2023-24 on the afternoon of 23 May 2023. It contains a number of proposed changes to Victoria’s tax regime, the most significant of which for business relate to payroll tax, land tax and stamp duty reform for commercial and industrial properties.
The 2023/24 Victorian Budget delivered on 23 May 2023 includes various land tax changes, including increases to land tax and absentee (foreign) surcharge rates that will increase holding costs for a range of property owners. The Budget also introduces some land tax concessions that may assist a proportion of homeowners and home buyers.
We understand that the recent proposal to impose an additional tax on superannuation balances greater than $3m may be causing you concern and questioning whether you should be doing anything with your super.
In February 2023, the Government announced an intention to pursue an increase in the tax rate applying to superannuation earnings on member balances over $3m.
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