Our latest eNewsletter includes information on the following topics:

Work-related COVID-19 tests may be deductible – The Federal Government is hoping for some good press with the announcement that it intends to legislate to make both PCR tests and RATs tax-deductible for individuals who buy them for a work-related purpose, and exempt from FBT for employers providing work-related tests to employees.

Natural love and affection: commercial debt forgiveness – The ATO has recently finalised a determination that explicitly states the exclusion for debts forgiven for reasons of natural love and affection requires the creditor (but not necessarily the debtor) to be a “natural person”.

Last chance to claim the loss carry-back – Businesses that need a little more financial help will have one last opportunity to claim the refundable loss carry-back offset in their 2021–2022 income tax returns.

Tax debts may affect business credit scores – Laws were passed in 2019 which allow the ATO to disclose information about overdue business tax debts to credit reporting agencies.

Contributions into SMSFs: minimum standards – One of the simplest but most important compliance obligations for trustees of SMSFs is ensuring that contributions from members can be accepted into the fund.

SMSFs investing in crypto-assets: be informed and keep records – ASIC warns that while crypto-asset investments are allowed for SMSFs, they are high risk and speculative, as well as being an attractive area for scammers targeting uninformed investors.