Recent ATO guidance expands the Unrelated Client test for PSI and tax. Just having a social media presence won’t avoid PSI issues.
The end of financial year is almost here and there is little time left to get your affairs in order. This year, there are some tax changes likely to affect you whether you’re a business owner, a salaried employee, an investor, or a retiree. Here are a few key points to consider but remember that everyone’s situation is unique so always contact us directly for specific advice. Table of Contents For Individuals More scrutiny from the ATO The recent Federal Budget was a sign that fiscal restraint was not exactly on this government’s agenda and it is evident that a shift
Electric Vehicle FBT Exemption: What’s Behind the Fashionable Concession? Your Questions Answered What type of Electric Vehicle is exempt? First, the Electric Vehicle must be a “car” as the FBT law defines it. A “car” is: A vehicle designed to carry less than 1 tonne, and A vehicle designed to carry less than 8 passengers Electric utes over 1 tonne are not “cars” and are therefore not exempt under these rules – there are special FBT rules for utes and don’t assume they are always exempt from FBT. Motorcycles, scooters and similar vehicles are not “cars.” Second, the car must
Employees who work from home can claim limited deductions against their personal tax for some expenses incurred at home. The ATO has just changed how you calculate and support those deductions. In short, from now on you must have evidence of your expenses and hours worked from home, even for the fixed rate method.
Recent ATO guidance expands the Unrelated Client test for PSI and tax. Just having a social media presence won’t avoid PSI issues.
When inflation hits your profits, all businesses need to review their costs, their prices and the structure of their business, or risk going backwards.
If you have profit or investment income, the ATO may require you to pay quarterly PAYG Instalments based on the previous year. If conditions change, you can vary PAYG Instalments. Here’s how.
We know we talk jargon. For some people all the taxes that start with PAYG merge into one. Here’s an intro to all the Australian PAYGs.
The Federal Budget announced on Tuesday night was the second for 2022, and represents the new Government drawing a line under the previous government’s policies. The Budget itself did not present many substantial reforms or initiatives.
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