As you would all be aware, the Federal and WA governments handed down their latest budgets last week. As such, we’ve brought together a list of the tax measures we expect will affect you. Individuals Businesses Jody’s up for an award! It’s with great pleasure that we announce Jody is an AccountantsDaily 2023 Australian Accounting…
As we noted in a previous newsletter, the ATO has now confirmed a new fixed rate working from home deduction amount of $0.67 per hour for the 30 June 2023 financial year, up from $0.52 for the 2022 year and earlier. Please note that this is a different method of claiming working from home costs to the COVID-19…
Thinking about buying a new car? Just in time for Christmas, the Federal Government has passed the Treasury Laws Amendment (Electric Car Discount) Act 2022, making no- and low-emission vehicles exempt from Fringe Benefits Tax (FBT) and a 5% import tariff. Ordinarily, Fringe Benefits Tax of 47% applies to cars provided through work for private use…
If you became a company Director (or Secretary!) on or before the 31st of October 2021, you must apply for your Director ID by the 30th of November 2022. Failing to do so may result in ASIC charging you a significant penalty. More information, including a video showing you how to apply for your ID, is available here…
If you became a company Director on or before the 31st of October 2021, you must apply for your Director ID by the 30th of November 2022. Failing to do so may result in ASIC charging you a significant penalty. More information, including a video showing you how to apply for your ID, is available here on the…
With the end of the financial year fewer than two weeks away, NOW is the time to consider the ways you can manage your 2022 tax position. Imagine what you could do with money saved on tax: Reduce your home loan balance; Pay off debt; Top up your super fund; Go on a holiday; Make additional…
The ATO will be undertaking some scheduled maintenance on the Small Business Superannuation Clearing House between 11:30pm AEST on Saturday the 25th of June 2022 and 7:00am on Sunday the 26th of June 2022. If you’re looking to claim a tax deduction for superannuation payments made before the end of this financial year (Thursday the…
Before we get into today’s main topic – Budget 2022/23 – we wanted to note with you all that earlier this month we were in a Zoom call with over 5,500 other accountants and taxation specialists across Australia, working through some of the curlier aspects of the ATO’s recently proposed changes to family trust distributions.…
Earlier this month, the bill to remove the $450 monthly income threshold for the payment of Superannuation Guarantee (SG) was finally passed in Parliament, with the change to take effect from the 1st of July 2022. Employers will subsequently be required to pay 10% SG for every dollar an employee earns, regardless of whether or not…
Continue reading Super changes for low income, older Australians
On Sunrise on Monday the 3rd of January 2022, Prime Minister Scott Morrison, on the topic of rapid antigen tests (RATs) stated: “We already make them free to everyone who is required to have one. They are also tax deductible.” The Prime Minister’s comments subsequently prompted a member of the Australian Taxation Office’s ATO Community group to…