by Team Garnet | Mar 18, 2023 | ATO, Tax News
The ATO can now issue a tax-records education direction which will require an entity to complete an approved record-keeping course in lieu of a penalty. Late last year, the Treasury Laws Amendment (2022 Measures No 2) Bill 2022 passed Parliament and received Assent....
by Team Garnet | Mar 10, 2023 | ATO, Small Business, Tax News
A Taxpayer Alert has been issued warning taxpayers to avoid arrangements where private company profits are accessed tax-free through the use of an interposed holding company. The ATO has recently issued this Taxpayer Alert warning, that it is reviewing arrangements...
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 | 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 | 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...
