There are lots of reasons to keep fit but very few of them have to do with how we earn our income. As a result, a tax deduction for a gym membership isn't available to most people. And yes, the Tax Office has heard all the arguments before about how keeping fit reduces sickness and therefore is important to earning an income, and the way I look is important to my job'.

The Government previously temporarily reduced the minimum required rates for withdrawals from pension accounts by 50% for the 2020, 2021, and 2022 income years.These regulations extend this measure to cover the 2023 income year as well.

PAYG instalments are regular prepayments made during the year of the tax on business and investment income. The actual amount owing is then reconciled at the end of the income year when the tax return is lodged.

From the 30th of March the Australian Taxation Office (ATO) have reduced Fuel Tax Credit ratesThe Government has temporarily halved the excise and excise equivalent customs duty rates for petrol, diesel, and all other petroleum-based products (except aviation fuels) to offer temporary relief on the current fuel prices.

The 2022-23 Budget is safe and ballot box friendly with a focus on jobs, cost of living, home ownership, and health.Key initiatives include:A 6 month, 50% reduction in fuel excise with effect from midnight Budget nightA $420 cost of living tax offset for low and middle income earners from 1 July 2022A one-off $250 economic support payment to some social security payment recipientsFor small business, a $120 tax deduction for every $100 spent on training employees and digital adoption.

Introduced in the 2020-21 Budget and now extended until 30 June 2023.

Recently, the Australian Taxation Office (ATO) released a package of new guidance material that directly targets how trusts distribute income. Many family groups will pay higher taxes (now and potentially retrospectively) because of the ATO's more aggressive approach.

A director ID is a 15 digit identification number that, once issued, will remain with that director for life regardless of whether they stop being a director, change companies, change their name, or move overseas.