Helpful Articles and News from Garnet

Estate planning considerations

Estate planning considerations

Estate planning is a complex area that requires careful consideration of tax implications, which can vary widely depending on individual circumstances. Many issues that affect the distribution of assets to beneficiaries will need to be considered before an individual...

Are you receiving PSI?

Are you receiving PSI?

Do you earn PSI? While most people may think that it only applies to builders or tradies, the truth is that may also apply to any instance where individuals use their personal effort or skills. Personal Services Income (PSI) generally only applies to individuals that...

ATO areas of interest for the year

ATO areas of interest for the year

At the end of last year, the ATO highlighted 3 areas of focus, including cyber security, debt book and improving tax performance for 2024. The ATO has indicated it will move its focus in 2024, with the Second Commissioner of Client Engagement, Jeremy Hirschhorn,...

Circumstances for lodgement deferral

Circumstances for lodgement deferral

Tax time 2023 has now officially ended, taxpayers needing additional time to lodge should request a lodgement deferral from the ATO without delay.  The last day for lodgement was 31 October 2023, so taxpayers that have yet to lodge should do so as soon as possible to...

International businesses and GST

International businesses and GST

International businesses that have sales connected to Australia over a certain threshold may need to register and pay GST in Australia. This applies to electronic distribution platform (EDP) operators that allow merchants to make sales of services, digital products or...

Proposed mechanisms for payday super

Proposed mechanisms for payday super

The government has released a consultation paper on two models that could be used to implement the payday super measure. Unpaid superannuation is equivalent to wage theft and is detrimental to the retirement income of many Australians. That’s why in the 2023-24...

Sharing Economy Reporting regime

Sharing Economy Reporting regime

Individuals participating in the sharing economy should be aware that transactions for supplying taxi travel/ride-sourcing and short-term accommodation are now required to be reported. The Sharing Economy Report Regime (SERR) has now commenced for the 2023-24 income...