Tax implications of deferred rent
Rental waivers, deferrals or variations from your business’s landlord may seem like a good thing but beware of the potential income tax, GST and even CGT consequences of deferred rent. If you run a business from rented premises, there may be tax consequences when rent...
Proposed new method for calculating WFH expenses
Taxpayers could soon be dealing with more paperwork or face the prospect of a lower WFH deduction if the ATO gets its way. With the expiration of the previous fixed rate method and the shortcut method for calculating the deduction for WFH (working from home) expenses,...
Federal Budget 2022-23
The Federal Budget 2022-23 has been handed down by Treasurer Jim Chalmers among challenging economic conditions. On Tuesday, 25 October 2022, Treasurer Jim Chalmers handed down the 2022-23 October Federal Budget, his 1st Budget. While a Budget was handed down on 29...
Affordable childcare measures coming soon
Parents could soon be paying less for childcare if the affordable early childhood measures introduced by the government passes Parliament. To fulfil its election promise, the government has recently introduced a Bill to make early childhood education and childcare...
Pension changes to encourage workforce participation
Changes to allow pensioners to work for longer and earn more money without loser their pension and other social security benefits have been introduced. As a result of the government’s recent Jobs Summit and responding to pressure from employer and agricultural lobby...
Market valuation for tax purposes
The ATO has released an updated version of its online Guide - Market valuation for tax purposes. The purpose of the Guide is to assist taxpayers in understanding the ATO’s general expectations on market valuation for tax purposes. It includes information on what...
Financial adviser standards to be relaxed?
In response to “industry concerns”, the government is seeking to relax some aspects of financial adviser standards for existing and new entrants. As a part of its election promises based on industry “concerns”, Labor announced that, if elected, it would make changes...
Varying PAYG instalments
Did you know you can vary your pay-as-you-go (PAYG) instalments due to a change in your financial situation? Should you be varying your PAYG instalments? Pay-as-you-go (PAYG) instalments are prepayments of your expected income tax for the year. If your total PAYG...
Sale of principal home: extension of assets test exemption
To encourage downsizing, a new Bill has been introduced to extend the existing assets test exemption under social security and change the rate of deeming of proceeds of sale. In a bid to support pensioners and in conjunction with the announcement to reduce the...
Bonus deduction for employee training proposal
The government has proposed to give small businesses a temporary 20% bonus tax deduction for employee training expenditure. As a part of its strategy to address the current skills shortage as well as to future-proof Australia’s workforce by building better trained and...