Petrol prices up again despite tax support

Petrol prices rose for a third week in a row as global factors undermine the Morrison government’s much-touted temporary cut in fuel excise aimed at easing cost of living pressures. The Australian Institute of Petroleum said the national average for petrol prices rose by a further 1.4 cents to 179.6 cents per litre in the […]

Tax office warns of fake website scam

Fake websites advertising on social media platforms are charging for free government services and then not providing them. The Australian Taxation Office has received an increase in reports about the fake sites offering to provide tax file numbers or Australian business numbers for a fee, then not delivering. More than 50,000 Australians reported scammers impersonating […]

Tax incentives support small businesses

It is a budget designed to support the economy’s path out of the pandemic. Cost of living and infrastructure are the focus. Businesses and consumers are still struggling after a number of difficult years. The Coalition government has issued a pre-election budget that focuses on infrastructure and the bush. This year’s federal budget confirms a […]

Testamentary Trusts

Thousands yet to receive aged care bonus

Less than half of aged care workers eligible for federal government bonuses have not yet received their first payment under the scheme. A Senate estimates hearing was told on Wednesday about 265,000 aged care workers would be eligible to receive a $400 bonus, with a second bonus of the same amount due in May. However, […]

Major cities see impact of fuel excise cut

The consumer watchdog expects motorists everywhere will be enjoying the impact of lower fuel excise on petrol prices in coming weeks. Last week’s federal budget halved fuel excise to 22 cents a litre as part of an $8.6 billion cost-of-living package. Australian Competition and Consumer Commission chair Gina Cass-Gottlieb said the fuel excise cut is […]

Low-emissions tech sector eyes tax break

Developers of low-emissions technologies and other innovators may win tax breaks in the upcoming budget after months of lobbying. The aim is to attract investment and avoid a brain drain by encouraging businesses to do their R&D in Australia and keep intellectual property here. The “patent box” arrangements for medical and biotechnology firms announced in […]

Fuel tax cut to ease inflation: Treasurer

Josh Frydenberg has tried to soothe concerns that spending in his fourth budget will inflame already heated inflation and bring forward an interest rate rise earlier than would otherwise be the case. While the treasurer’s pre-election budget cut deficits by about $100 billion out to 2025/26, it also spends tens of billions of dollars, including […]

Budget takes smart approach to red tape

Business groups believe the Morrison government is taking a “smart approach” to deregulation with a budget proposal to reduce red tape, while improving the cash flow for small businesses. In the latest measure to emerge from his pre-budget blitz, Treasurer Josh Frydenberg announced a reduction in the pay-as-you-go tax instalment rate to two per cent […]

Increase in fuel tax credit rates from 1 February

Fuel tax credit rates increased on 1 February in line with fuel excise indexation. If you claim less than $10,000 in fuel tax credits per year, the easiest and safest way to get your claims right is to use our simplified methods. These include: the basic method for heavy vehicles – which works out your off-public […]

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