As we noted in a previous newsletter, the ATO has now confirmed a new fixed rate working from home deduction amount of $0.67 per hour for the 30 June 2023 financial year, up from $0.52 for the 2022 year and earlier. Please note that this is a different method of claiming working from home costs to the COVID-19…
Question: Recently, I sold some cryptocurrency and because the market was down, I made a loss of $10,000. Is this something I’ll be able to deduct against my other income? I am currently only working part-time on a (pro-rated) annual salary of $18,000, but also have an investment portfolio of dividend-paying shares earning roughly $5,000 a…
Thinking about buying a new car? Just in time for Christmas, the Federal Government has passed the Treasury Laws Amendment (Electric Car Discount) Act 2022, making no- and low-emission vehicles exempt from Fringe Benefits Tax (FBT) and a 5% import tariff. Ordinarily, Fringe Benefits Tax of 47% applies to cars provided through work for private use…
Did you know that it is a Death Benefit Nomination lodged with your superannuation or pension fund – and not a will – that can determine who receives your superannuation balance in the event of your death? It’s true, and since not all Death Benefit Nominations are the same we thought we would outline the differences…
If you became a company Director on or before the 31st of October 2021, you must apply for your Director ID by the 30th of November 2022. Failing to do so may result in ASIC charging you a significant penalty. More information, including a video showing you how to apply for your ID, is available here on the…
The ATO will be undertaking some scheduled maintenance on the Small Business Superannuation Clearing House between 11:30pm AEST on Saturday the 25th of June 2022 and 7:00am on Sunday the 26th of June 2022. If you’re looking to claim a tax deduction for superannuation payments made before the end of this financial year (Thursday the…
The WA Government-funded COVID-19 Business Relief Grants program has been expanded to offer more financial support than advertised previously. We recommend every WA business owner takes a look at the grant’s eligibility criteria and considers whether or not their business can apply. As always, if you need any help, please just let us know. The deadline to apply is 4:00pm AWST…
28th of April 2022: Superannuation Guarantee payments for the period 1st of January 2022 to the 31st of March 2022 must be made by this date otherwise Superannuation Guarantee Charges will apply and you’ll lose the opportunity to claim the expense as a tax deduction. 16th of May 2022: Any outstanding 30th June 2021 Income…
As Perth is currently experiencing some of its lowest residential vacancy rates in almost 10 years, we thought the time was right to talk about rental properties and what you should know as a landlord, including: what you can and can’t claim as rental deductions; the difference between rent and board; negative gearing; why you…
Motor Vehicles You can claim deductions for the use of motor vehicles (including motorcycles) when they’re used for business or work purposes. While your method of deduction will vary depending on your unique circumstances, regardless of how you claim, it’s important to distinguish the applicable work/business-related portion from any personal/private use, and stay on top…