Category: Taxation

Capitalism or socialism, that is the question. The Federal Government has released the budget for 2022 and it is a very socialist focussed budget in a way. As capitalism is what grows economies and the wealth of nations, the government has applied the correct balance of the two systems. As the country is in trouble because of Covid, it has come to the rescue with a safety net. Read below…

In 2018, one Bitcoin was priced at $20 000 which was its highest price since it was created in 2009 and this was when most of the world woke up to this new concept of Bitcoin for the first time. Bitcoin was initially valued at $0.00 and was below $1 for many years, so when, in 2018, it reached these sky-high values it became the latest news story that the…

The festive season is finally here and I am sure you are all relieved that even Covid-19 could not stop it from arriving. So if you want to treat your employees with a year end party or gifts which they deserve, beware of the fringe benefits tax (FBT), GST and income tax consequences. You might think that the party and gifts are simply a tax deductible expense as they are…

In March 2020, the Government increased the value that a business could instantly write off  a business asset to $150,000 from $30,000 as part of it’s response to Covid -19. The business needed to have a turnover of less than $10 Million.   Currently the Government has boosted this scheme and says there is now no limit on asset value if the turnover is less than $5 billion. From 6…

This budget known as the Covid  Recovery budget will hopefully  get us back to where we were prior to Covid. The major policies include Personal Income Tax reductions, Small Business Tax reductions, Company Tax reductions, Job creation strategies and Large Government spending. Here is a summary of some of the main aspects and you can read further detail below.                       Reduction…