by Team Garnet | May 31, 2023 | ATO, Tax News
This tax time, the ATO will be targeting loan interest expenses, working from home deductions, and CGT on main residences also used for income-producing purposes. With the end of the financial year fast approaching, the ATO has again released the areas it will be...
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...
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...
by Team Garnet | Mar 24, 2022 | Business Structures, Small Business, Tax News
Temporary full expensing of depreciating assets has been extended until 30 June 2023. Your business still has time to purchase eligible assets and deduct the full value in your tax return. The measure was originally introduced in 2020 as a part of the Federal...
by Team Garnet | Jun 16, 2021 | Insurance
Is your private health insurance getting more expensive every year? This could be the sneaky reason why… The government has once again quietly sought to freeze the private health insurance income thresholds for the private health insurance incentive, this time...
