As you would all be aware, the Federal and WA governments handed down their latest budgets last week. As such, we’ve brought together a list of the tax measures we expect will affect you. Individuals Businesses Jody’s up for an award! It’s with great pleasure that we announce Jody is an AccountantsDaily 2023 Australian Accounting…
A reminder that if you have employees (including yourself as a company director/ secretary, if applicable) and you provide motor vehicles, car parking, entertainment including food and drinks, employee discounts, loans, phone and/or internet access, or the reimbursement of private expenses, then you are likely to be providing a fringe benefit and will need to…
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…
If you became a company Director (or Secretary!) 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…
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…
Before we get into today’s main topic – Budget 2022/23 – we wanted to note with you all that earlier this month we were in a Zoom call with over 5,500 other accountants and taxation specialists across Australia, working through some of the curlier aspects of the ATO’s recently proposed changes to family trust distributions.…
Earlier this month, the bill to remove the $450 monthly income threshold for the payment of Superannuation Guarantee (SG) was finally passed in Parliament, with the change to take effect from the 1st of July 2022. Employers will subsequently be required to pay 10% SG for every dollar an employee earns, regardless of whether or not…
Continue reading Super changes for low income, older Australians
On Sunrise on Monday the 3rd of January 2022, Prime Minister Scott Morrison, on the topic of rapid antigen tests (RATs) stated: “We already make them free to everyone who is required to have one. They are also tax deductible.” The Prime Minister’s comments subsequently prompted a member of the Australian Taxation Office’s ATO Community group to…
FBT 2021: Tax & Employee Benefits Fringe Benefits Tax (FBT) is one of Australia’s most disliked taxes because it’s cumbersome, expensive and generates a lot of paperwork. Unfortunately, the COVID-19 lockdowns we’ve endured have added another layer of complexity as many work patterns and behaviours have changed. As we’ve previously discussed, a fringe benefit is…
Continue reading Returning JobKeeper, FBT and Covid Vaccinations and the workplace
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…