With anything in life, if something sounds too good to be true, it probably is! If you’ve ever come across a scheme that offers you tax deductions or refunds that seem out of this world, it could be unlawful. Before investing your hard-earned money, look out for the following red flags of a dodgy scheme: […]

From 1 July 2022 the following car threshold amounts apply for the 2022–23 financial year. Income tax: The car limit for 2022–23 is $64,741. This is the maximum value that can be used for calculating depreciation on the business use of a car first used, or leased, in the 2022–23 income year. Goods and services tax […]

https://vimeo.com/713514994 We recently headed out to our long-time client Shane Webcke’s farm to chat all things farming and accounting. We also brought a video crew! Take a listen to Shane about his experience with Moore Lewis & Partners.

Did you know that reduced tax rates may be available to eligible entities? These include companies, corporate unit trusts and public trading trusts. If your company is a ‘base rate entity’, your company tax rate is 25% from the 2021–22 income year onwards. For your company to be a ‘base rate entity’, it needs to […]

You can claim a deduction in the income year you incur expenses for your rental property that relate to the management and maintenance of the property, including interest on loans. If your property is negatively geared, you may be able to deduct the full amount of rental expenses against your rental and other income – such […]

It is vital to keep good records for all your transactions with cryptocurrency, whether you are using cryptocurrency as an investment, for personal use or in business. You need to keep the following records in relation to your cryptocurrency transactions: the date of the transactions the value of the cryptocurrency in Australian dollars at the […]

Don’t get burned by a phoenix! Most people know someone who’s been affected by a dodgy business that has shut down to avoid paying its debts. The business may seem to disappear, only to pop up under a different company name without any debt. This is called Phoenixing and it’s illegal. Here are 5 red […]

The 2022-23 Federal Budget, delivered by Treasurer Josh Frydenberg last night, has focused on innovation, creating more jobs, stimulating the economy, and reacting to the rising cost of living. The Government has announced some exciting measures such as additional deductions for small and medium businesses with annual turnover of less than $50m, great opportunities for […]

Property is a hot topic right now, with many people vying to invest in property, or even purchase their first home.  We sat down with our Director, Katrina Purcell, to give us the basics on what Capital Gains Tax is, and how it affects us come tax time. What is Capital Gains Tax? Capital Gains […]

You’ve likely heard on the news (or let’s face it, through the young ones at the office!) the term Cryptocurrency. You may have even dipped your toe into the digital currency or be a fully fledged investor, but are you up-to-date with what happens come tax time? We sat down with Director Andrew Catlow to […]