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We’ve summarised the key 1 July 2021 changes and their implications.

Australia has had its fair share of disasters over the last few years – drought, bushfires and floods – that have ramped up the volume of insurance claims. Most people would assume that if and when they need to claim on their insurance, the insurance payout covers the damage and is not income assessed for tax purposes – but this is not always the case.

Client has been invoiced legal fees for the advice and assistance regarding a Visa for non-resident employees. Are these legal fees tax deductible?

If you worked from home during lockdown and spent money on work related items that were not reimbursed by your business, you might be able to claim some of these expenses as a deduction – but not everything you purchase can be claimed.

More than $29 billion in temporary business and personal income tax cuts, a $33 billion boost for care services and $4 billion more for training programs, are at the core of the government’s budget which aims to create 250,000 jobs by the end of 2022 and drive the unemployment rate below 5%.

The client (a private company) has a loan from a shareholder (an individual). The shareholder wishes to forgive part of the loan owing from the company. What are the tax implications for the company and the shareholder, if any? No interest has been charged or paid on the loan.