Bendigo Accounting & Finance Blog

The end of the tax year is almost here and the number one question that everyone asks is: What can I do to get a better tax refund?

There are changes coming to HELP debt repayment rates and super guarantees in the new tax year. Do you know what they are? The HELP debt repayment threshold will go up and if you’re someone who earns less than $450 a month, then you’ll be eligible for super from July 1.

The latest budget is election friendly, with a focus on jobs, cost of living, home ownership, and health.

The end of March is the financial year end for Fringe Benefits Tax (FBT) and all businesses are required to lodge FBT returns by 23 May, unless you lodge electronically through Lead Advisory, in which case you have until 27 June 2022. 

Just like everything else to do with COVID, the rules keep changing around tax and government payments. It has been announced that PCR and rapid antigen tests (RAT) will be tax deductible for individuals and exempt from fringe benefits tax (FBT) for employers, if purchased for work purposes.

The ATO recently updated its guidance on cryptocurrency and it is not surprising that they are looking to ensure that those who have blockchain assets are paying their taxes.