Significant change to claiming working from home expenses Before 1 July 2022, an individual taxpayer that incurred additional deductible expenses as a result of working from home, had a choice of three methods to claim these expenses. These choices were: [...]
Rental properties and second-hand depreciating assets The ATO is reminding taxpayers that have a residential rental property, to take care when making claims for ‘second-hand depreciating assets’ used in their properties. In most cases, these are items that existed in [...]
More COVID-19 business grants are now tax-free The Federal Government has expanded the list of State and Territory COVID-19 grant programs that may be tax-free to eligible businesses. A State or Territory Government COVID-19 grant payment will generally be tax-free [...]
ATO targeting SMSFs that fail to lodge annual returns The ATO has observed an increase in the number of SMSFs that fail to lodge their first annual return and become what the ATO refers to as ‘NEVER’ lodgers. The ATO [...]
ATO’s small business focus for 2022 income year The ATO announced that it will be focussing on the following matters for small business tax returns for the 2021/22 year: Deductions that are private in nature and not related to [...]
Re-contribution of COVID-19 early release super amounts Individuals can now re-contribute amounts they withdrew under the COVID-19 early release of super program without the re-contribution counting towards their non-concessional contributions cap. These contributions can be made between 1 July 2021 [...]
Cents per kilometre deduction for car expenses – 2023 income year The ATO has proposed for individual taxpayers that use the cents per kilometre method when calculating tax deductions for their work-related car expenses, that the rate per kilometre for [...]
Higher PAYG withholding rates continue to apply to backpackers As we recently communicated, the High Court has held that the 'working holiday maker tax' (also known as the 'backpackers tax') did not apply to a taxpayer on a working holiday [...]
COVID-19 vaccination incentives and rewards The ATO has reminded employers to consider their tax and super obligations when employees are provided with incentives or rewards for getting their COVID-19 vaccination. When employees are provided a cash payment, including paid leave [...]
ATO support for businesses in difficult times The ATO has reminded taxpayers that it has a range of support available for small businesses experiencing difficult situations, such as natural disasters, mental health challenges or financial hardship. Depending on the business [...]