As part of the 2022–23 Budget, the then Government announced it would support small businesses through the Small Business Technology Investment Boost. While this boost is not yet law, it proposes that eligible small businesses can deduct an additional 20% of the cost of expenses and depreciating assets that support ‘digital adoption’. What is Small […]
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On 21 February 2023 Revenue NSW announced significant changes to surcharge purchaser duty and surcharge land tax in NSW. Are you a citizen of NZ, Finland, Germany and South Africa? – you are affected by the international tax treaties? Currently, foreign buyers who purchase residential-related property in NSW must pay an additional 8% surcharge purchaser
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With the end of the FBT year approaching, are your car logbooks in order? The operating cost method is used by many employers to calculate their car FBT liability. This method is particularly effective where the business use of the vehicle is high. Keeping a logbook is essential to use the operating cost method. How
FBT Compliance: How Car Logbooks Keep You on the Right Road Read More »
Record keeping for work from home is now stricter Are you one of the five million Australians who claim work-from-home deductions? If so, stricter record-keeping rules may now apply. Understanding record-keeping requirements for remote work arrangements For this financial year and moving forward, there are now only two methods to calculate your work-from-home claim: Actual
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The eligibility age for downsizer contributions reduced from 60 to 55 years from 1 January 2023. This means if you are age 55 or older, you could invest the proceeds of the sale of your family home to your superannuation outside of your standard contribution caps. Downsizer contributions From 1 January 2023, if you’re aged
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Have you missed the deadline to apply for a director identification number (director ID)? If so, you can still apply! The ATO says it will take a reasonable approach with directors who are trying to do the right thing. Importantly, directors who need additional time to apply (beyond 14 December 2022), can request an extension of
Missed The Director ID Deadline? Read More »