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 24, 2022 | Business Structures, Small Business, Tax News
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...
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,...
