News Archive

There's little doubt that the start of 2022 has brought some challenges for Australia as we rode the Omicron wave into the new year. While there are certainly some challenges still ahead, the RBA Governor Phillip Lowe has flagged that there is also room for optimism.

This month's client update explores the RBA's perspective inflation, wages, supply, and Australian household savings. We also highlight the ATO focus on professional firms profits, the deductibility of COVID tests, cash injections for small business and changes to the Pandemic leave scheme.

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	2022: A Year for Optimism? 2022 is shaping up to be a year focused on inflation, cost of living, and the realities of stagnant wage growth. Yet the Reserve Bank Governor has signalled optimisim and the need to walk boldly and with courage.
	Professional Services Firm Profits Guidance Finalised The Australian Taxation Office's finalised position on the allocation of profits from professional firms starts on 1 July 2022.Directors are now required to register for a unique identification number that they will keep for life.
	PCR and RAT tests to be tax deductible, FBT free As Australia shifts to 'living with COVID', the Federal Treasurer has announced that PCR and RAT tests will be deducible – if purchased for Work.The Australian Tax Office has extended its relief measures for SMSF trustees.
	Cash injection for struggling businesses Businesses struggling with the Omicron wave of the pandemic have been offered new grants and support in NSW, SA and WA.
	Pandemic Leave Disaster Payments rules change The rules for the Pandemic Leave Disaster Payment, the payment accessible to those who have lost work because they have had to self-isolate with COVID-19, or are caring for someone who contracted it, changed on 18 January 2022

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Disclaimer

This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.