by Team Garnet | Dec 21, 2022 | ATO, Small Business
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...
by Team Garnet | Dec 14, 2022 | ATO, Small Business, Tax News
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....
by Team Garnet | Nov 30, 2022 | ATO, Capital Gains, Tax News
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...
by Team Garnet | Nov 18, 2022 | ATO, Small Business, Tax News
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,...
by Team Garnet | Nov 10, 2022 | ATO, Tax News
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...
by Team Garnet | Oct 19, 2022 | ATO, Business Structures, Small Business
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...
