Our Recent Blogs
Important Fuel Tax Credit Rate changes.
Fuel tax credit rates increased on 1 February 2023, so don’t forget to use the new rates when you calculate your claims on your next BAS.
Electric Vehicle Exemption receives Royal Assent.
Since the Government announced the introduction of the Treasury Laws Amendments (Electric Car Discount) Bill in July 2022 we have all been eagerly awaiting royal assent for the Bill to become law. We are pleased to announce that royal assent was given on 12 December 2022 which means an FBT exemption is now available for eligible electric vehicles that are both first held and used on or after 1 July 2022.
Festive Season and FBT.
With the festive season well and truly on its way, many of you may be in the midst of organising gifts and Christmas parties. Unfortunately, the provision of these benefits may give rise to Fringe Benefits Tax (“FBT”). However, there are some simple things to consider when planning your event to maximise tax benefits:
Input Tax Credits denied due to lodging BASs late.
The operation of the GST Act means that, unless an extension of time to lodge a BAS has been granted prior to the expiry of 4 years after the day on which it was required to be given to the ATO, the entitlement to input tax credits immediately ceases.
‘Talking tax’ with new workers.
The ATO is reminding employers that have taken on new employees that those employees can complete a TFN declaration through ATO online services, and that this is an easy way for them to provide both their employer and the ATO with the information needed.
ATO advice for SMSFs thinking about investing in crypto assets.
The ATO recommends that trustees of self-managed super funds ('SMSFs') thinking about investing in crypto assets should seek professional advice from a licensed financial adviser.
Electric car taxes and rebates revealed.
The Federal Government recently introduced the Treasury Laws Amendments (Electric Car Discount) Bill 2022, which will reduce the upfront and ownership cost of electric vehicles (“EVs”) so that more families who want them, can afford them. If enacted it not only be good for motorists, employees and their workers and most of all for climate action.
Important fuel tax credit rate changes.
Fuel tax credits (“FTC”) regularly change, so it’s important to know the correct rate to apply to your business activity statement (“BAS”). Multiple rates may apply to your September 2022 Quarter BAS.
Register “.au” domain or risk a costly battle later on.
Businesses that already have a “.com.au” domain can priority register for their shortened .au domain before 9:59am AEST on 21 September 2022 or risk it going to someone else.
Small Business Tax Incentives: Technology Investment Boost.
The Government is consulting on exposure draft legislation to introduce a Technology Investment Boost to help small businesses operate digitally.
Small Business Tax Incentives: Skills and Training Boost.
The Government is consulting on exposure draft legislation to introduce a Skills and Training Boost to support small businesses to train and upskill their employees resulting in more staff productivity and retention.
Super comparison tool updated.
The YourSuper comparison tool helps individuals compare MySuper products and choose a super fund that meets their needs.
Further change to pandemic leave payment.
Following a National Cabinet meeting, the PM announced changes to current COVID-19 settings, which affect the disaster leave payment.
Pandemic Leave Disaster Payment reinstated.
In recognition of the risks associated with more infectious new Covid-19 variants through the winter period, the Federal Government has agreed to reinstate the ‘Pandemic Leave Disaster Payment’ to 30 September 2022, which was otherwise set to end as of 30 June 2022.
Contractor or Employee Argument: Sessional lecturer entitled to superannuation support.
The Federal Court has agreed with the ATO that a lecturer providing services to a higher education provider was a common law employee and therefore entitled to superannuation support, despite being engaged as an independent contractor.
Tax time focus on rental property income and deductions.
The ATO is focusing on four major concerns this tax season when it comes to rental properties.
ATO to target ‘wash sales’ this Tax Time.
The ATO is warning taxpayers to not engage in ‘asset wash sales’ to artificially increase their losses to reduce gains (or expected gains). Wash sales are a form of tax avoidance that the ATO is focused on this tax time.
ATO updates ‘cents per kilometre’ rate for individuals.
The ATO has updated the cents per kilometre rate relating to individual car expenses for the 2023 income year to 78 cents per business kilometre.
Downsizer contributions age changes from 1 July 2022.
From 1 July 2022, people aged 60 years and over will be eligible to make downsizer contributions of up to $300,000 per person ($600,000 per couple) from the sale proceeds of their home into their super. For downsizer contributions made prior to 1 July 2022, eligible individuals must have been aged 65 years or older at the time of making their contribution.
Super Guarantee Contribution due date for June 2022 quarter.
The due date for employers to make super guarantee contributions for their employees for the June 2022 quarter is 28 July 2022. Note that the super guarantee rate in relation to salary and wages paid on or before 30 June 2022 is 10%.