by Team Garnet | Feb 10, 2024 | ATO, Business Structures, Tax News
Do you earn PSI? While most people may think that it only applies to builders or tradies, the truth is that may also apply to any instance where individuals use their personal effort or skills. Personal Services Income (PSI) generally only applies to individuals that...
by Team Garnet | May 8, 2023 | ATO, Business Structures, Small Business
ATO has warned content creators that they need to be aware of their income tax and GST obligations. If you start making money from your online content, you will have income to declare. You will also need to consider whether you are in business. If you are, or you want...
by Team Garnet | May 1, 2023 | ATO
The ATO has released a draft compliance guideline with the accepted rate for calculating the cost of electricity when an eligible EV is charged at an employee’s or an individual’s home. The draft compliance guideline contains the methodology for calculating the cost...
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 | 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...
