by Team Garnet | May 26, 2023 | ATO, Business Structures, Tax News
The government has released new measures relating to businesses in the 2023 Budget. The 2023 Budget has been handed down by Treasurer Jim Chalmers. In addition to the cost-of-living and welfare measures leaked ahead of the Budget, the government also released new...
by Team Garnet | Apr 1, 2023 | ATO, Tax News
The ATO Second Commissioner, Jeremy Hirschhorn, recently spoke at a conference that provides some insights into how the ATO will be closing the tax gap. He outlined how the ATO is transforming tax administration by using tax gap data collected. Essentially, the tax...
by Team Garnet | Mar 18, 2023 | ATO, Tax News
The ATO can now issue a tax-records education direction which will require an entity to complete an approved record-keeping course in lieu of a penalty. Late last year, the Treasury Laws Amendment (2022 Measures No 2) Bill 2022 passed Parliament and received Assent....
by Team Garnet | Mar 10, 2023 | ATO, Small Business, Tax News
A Taxpayer Alert has been issued warning taxpayers to avoid arrangements where private company profits are accessed tax-free through the use of an interposed holding company. The ATO has recently issued this Taxpayer Alert warning, that it is reviewing arrangements...
by Team Garnet | Mar 1, 2023 | ATO, Tax News
ATO is looking to finalise a number of FBT related issues currently under consultation relating to car parking and electric cars. With 2023 in full swing, the ATO is looking to finalise a number of FBT related issues currently under consultation. For businesses, the...
by Team Garnet | Feb 24, 2023 | Small Business, Tax News
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...
