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New working from home tax changes! What you need to know:
New working from home tax changes! What you need to know: The Australian Taxation Office (ATO) has significantly changed the way that taxpayers claim deductions for costs incurred while working from home. From 1st July 2022 the old fixed rate method of $0.52 cents per hour can no longer be used to calculate your deductions. The
Shutdown clause changes that may impact your business
Changes have been announced that impact shutdown clauses under 78 Modern Awards! These changes took effect from 1 May 2023. It is important to note that this is different to “stand down” of employees. What is a shutdown? A shutdown occurs where the business makes the decision that it will stop operating for a temporary
How Does Tax Apply to Electric Cars?
Just in time for the Fringe Benefits Tax (FBT) year that started on 1 April, the Australian Taxation Office (ATO) has released new details on electric vehicles. The FBT exemption for electric cars If your employer provides you with the use of a car that is classified as a zero or low emissions vehicle there
What About Super?
Future earnings for super balances above $3m taxed at 30% from 2025-26 The Government has announced that from 2025‑26, the 15% concessional tax rate applied to future earnings for superannuation balances above $3 million will increase to 30%. The concessional tax rate on earnings from superannuation in the accumulation phase will remain at 15% up
What will the ATO be Asking about your Holiday Home?
Taxpayers claiming deductions on holiday homes are in the ATO’s sights. The ATO is concerned that people with holiday homes are claiming more deductions than they should and have published the starting questions they will be asking to scrutinise claims: · How many days was it rented out and was the rent in line with
What’s The Deal With Working From Home?
What’s the deal with working from home? The ATO has ‘refreshed’ the way you can claim deductions for the costs you incur when you work from home. From 1 July 2022 onwards, you can choose either to use a new ‘fixed rate’ method (67 cents per hour), or the ‘actual cost’ method depending on what