The budget has just been released and here are the key announcements that will impact most taxpayers. 1. Personal 1.1 There has been no change to the personal tax rates as previously legislated. 1.2 Removal of the low and middle income tax offset (‘LMITO’) with only the Low offset remaining. The Government has announced that the temporary LMIT has now ceased and been replaced by the low-income tax offset as…
Let’s start by looking at the word Cryptography. This is the use of codes, words, pictures and formulae, to communicate messages so that only those people that the message is intended for, can receive it in an understandable way. The message is “hidden”. This system of communication is what is used with computers. “Crypt” means “hidden” in Greek and “graphy” means “writing”. The original cryptography dates back to the Egyptian…
In 2022, almost 50% of Australians now own some type of Crypto currency. Most of this might be just experimental, but behind all these activities is a real use case for Crypto currency. Throughout history there have been many forms of “money”. Roman soldiers used to receive their salary in salt. The word salary, comes from the latin for salarium “money used to buy salt”. In Egypt, beer was used…
Cash Flow, Small Business, Taxation
With the end of the tax year approaching, now is the time to see what you can do to reduce your tax for 2022. This would mean more money in your pocket for you and your family to enjoy. To minimise your Personal tax click here. Business Tax Temporary Full Expensing Businesses with an aggregated turnover of less than $5 billion can immediately deduct the business portion of the cost…
I would like to start mentioning something which will impact everybody from today and that is a temporary reduction in the fuel excise. The current fuel excise is 44.2 cents per litre and this will reduce from today to 22.1 cents per litre for the next 6 months. Below are the other personal and business announcements. 1. Personal 1.1 Increase to low and middle income tax offset (‘LMITO’) The Government…
Directors of companies need to register for a new identification number called a director identification number (director ID) This is a unique identifier that a director applies for once and keeps forever. You’ll need a director ID if you’re a director of: a company a registered foreign company a registered Australian body, or an Aboriginal and Torres Strait Islander corporation. You can apply for your director ID at Australian Business…