From 1 July 2022, the methods for claiming working from home expenses have changed. The 80 cents per hour COVID-19 shortcut method is not available from 1 July 2022. The ATO has published Draft PCG 2022/D4 Claiming a deduction for additional running expenses incurred while working from home – ATO compliance approach which outlines its […]
Revised Working From Home Methods For 2022-23 Read More »
Offset your business loss You may be able to offset your business loss against other income (such as salary and wages) if you’re a sole trader or in a partnership. Firstly, however, your loss must not be non-commercial. A non-commercial business loss is a loss you incur, either as a sole trader or in partnership,
Claiming Business Losses Read More »
The alternative turnover test will only apply to certain circumstance An alternative decline in turnover test for the JobKeeper payment scheme has now been registered by the ATO. The ATO says the alternative tests will only kick in if an entity cannot satisfy the basic decline in the turnover test. The instrument applies to provide
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New Capital Gains Tax withholding rules for foreign residents Details of how it will administer the new foreign resident C.G.T. withholding payment rules have been released by the ATO. The new withholding rules will apply to contracts entered into on or after 1 July 2016. Summary of the new CGT withholding rules When a foreign resident disposes of certain
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ATO warnings on rental properties The ATO (Australian Taxation Office) is increasing its focus on rental property deductions and is encouraging all rental owners to double-check their claims before lodging their tax return. The ATO says: It is important for all property owners to keep accurate records. This helps to ensure they declare the right
ATO Recent Reviews And Warnings Read More »
Fringe benefits tax (FBT) will increase from 47% to 49% From April 1, 2015, the rate of fringe benefits tax (FBT) will increase from 47% to 49%. The rate is expected to return to its present level two years later. Implications of increased FBT for businesses When the FBT rate increases next April, many small
Higher Fringe Benefits Tax – How Does It Affect Your Business? Read More »