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,...
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 | 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 | Jun 30, 2022 | Small Business, Tax News
Small business owners beware, the ATO is again putting the appropriateness of deductions and omission of business income under the microscope this tax time. During this tax time, the ATO has once again reminded small businesses of their tax obligations and highlighted...
