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 8, 2022 | ATO, Business Structures, Small Business, Tax News
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...
by Team Garnet | Sep 30, 2022 | Investments, Money, Superannuation, Tax News
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...
by Team Garnet | Aug 24, 2022 | Business Structures, Small Business, Superannuation, Tax News
The government has introduced a raft of legislative changes covering businesses, individuals and superannuation. The new Labor government has wasted no time in introducing a raft of legislative changes in relation to previously abandoned measures and to implement its...
by Team Garnet | Aug 10, 2022 | Garnet Business Services, Tax News
ATO is again focusing on income and deductions this tax time for rental properties. Just as with previous income years, tax time 2022 is no different, the ATO has again cited rental property income and deductions as one of the 4 key focus areas, along with...
