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AugWhen reimbursing employees, employers may be entitled to claim GST input tax credits for the expenses that are directly related to their business activities. A “reimbursement” is provided when a taxpayer pays their employee the amount, or part of the amount, of a particular work-related purchase they make. Employers are not entitled to a GST input tax […]
28
JulThe Treasurer, Jim Chalmers, handed down his Federal Budget for the new financial year on Tuesday, 9 May 2023. Read on to about how to find out how this could affect your next tax return. Mr Chalmers walked away from the large, blanket tax cutting initiatives of the last Liberal government, such as Temporary Full Expensing (which[…]
21
JunWhen preparing clients’ 2023 tax returns, the ATO has issued significant revisions and new methods. The elimination of the self-education expense level, working from home, and the low and middle income tax offset are significant developments for individuals this year. The Small Business Technology Investment Boost, Franked Distributions Supported by Capital Raising, Small Business Skills and Training[…]
10
MayIf your business is insolvent or struggling to pay its debts, it’s important to seek specialist advice from a qualified and registered insolvency practitioner as soon as you can. Be wary of inappropriate insolvency advice that could lead to illegal phoenix activity. Insolvency advice to watch out for Registered liquidators and trustees will provide you with sound[…]
10
MayASIC has acted against a further 11 self-managed superannuation fund (SMSF) auditors for breaches of their obligations. This included breaches of auditing and assurance standards, independence requirements, registration conditions, or because ASIC was satisfied the individual was not a fit and proper person to remain registered. Over the period 1 October 2022 to 31 March 2023, ASIC:[…]
06
AprBefore 1 July 2022, an individual taxpayer that incurred additional deductible expenses as a result of working from home, had a choice of three methods to claim these expenses. These choices were: From 1 July 2022, as a result of the release of PCG 2023/1 by the ATO, the shortcut method and the fixed-rate method have been abolished. […]
03
AprA reminder to employers that their December 2022 superannuation guarantee (‘SG’) contributions were due by 28 January 2023. Do not forget the two changes to SG that commenced on 1 July 2022: lthe rate increased from 10% to 10.5%; employees no longer need to earn $450 per month to be eligible. Employers now need to make super[…]
