Work from home expenses: new rate
A new revised fixed rate of 67c per hour for calculating working from home expenses will apply from 1 July 2022 onwards. Find out how it affects you here. From the 2022-23 income year, taxpayers can no longer rely on the 80c per hour shortcut method with the...
APRA focus areas 2023
APRA has announced its policy and supervision priorities for the coming year with a heavy focus on superannuation. APRA (Australian Prudential Regulation Authority) has recently released its policy and supervision priorities for 2023. For the superannuation space,...
No Spend Challenge – Feb 2023 Week 1 Update
It’s been 1 week of no spending this month so wanted to give an update in order to encourage some of you to also consider doing challenging yourself. In some ways, it’s easier than last year and in others, it’s a bit harder. Here’s one big thing that I carried on from...
Update to the Financial Advisers Register
In another boon for consumers, ASIC’s Financial Advisers Register will soon feature information on whether a financial adviser can provide tax (financial) advice. Consumers could soon find out whether their financial adviser can provide tax (financial) advice through...
New year, new scams
Scammers are taking advantage of this time of the year when people are still in holiday mode with a new ATO impersonation scam on social media. Money never sleeps, as the old quote goes, but it could apply equally well to scammers. As most people have let their guard...
Non-deductible threshold removed for self-education
The non-deductible threshold for work-related self-education expenses of $250 has now been removed. The government has reintroduced and passed a raft of measures that faced an uncertain fate when the House of Representatives was dissolved and the Senate prorogued due...
Tax Rules for Personal Services Income
The personal services income (PSI) rules ensure individuals cannot reduce their income tax by alienating their PSI through interposed companies, partnerships or trusts. Want to know how it may apply to you? The tax legislation contains special rules about personal...
ATO’s relationship with small business
Second Commissioner Jeremy Hirschhorn delivered his speech at the IPA National Congress on 18/11/2022. The speech mostly covered how the ATO can help small businesses thrive. The theme of the Address was how the Tax Office can help small businesses thrive and survive....
Future of superannuation
In a recent address, the Assistant Treasurer and Minister for Financial Services, Stephen Jones, outlined the changes the government will be pursuing in terms of superannuation in the future. From its beginnings in 1992, superannuation collectively has become a...
Deceased estates and CGT: disposal of dwelling
ATO has updated its guideline on how the CGT main residence exemption may apply in cases of deceased estates. It now explicitly takes into account the effects of COVID-19. The ATO has recently updated its practical compliance guideline on how the CGT main residence...