Category: Uncategorized
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Working from home deductions post COVID-19
Draft Practical Compliance Guideline PCG 2022/D4 Claiming a deduction for additional running expenses incurred while working from home – ATO compliance approach The Commissioner has come up with his new rate for working from home deductions post COVID-19. To get this new 67 cent an hour rate you need be working from home while carrying out your employment […]
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Budget – don’t blink and you will miss it…
There was a time when we would spend hours every Budget night modelling the tax and super changes to help our clients understand what they mean for themselves and their businesses… but last night we all got a very early night. I know we all were interested in the fact that diplomatic and consular representations […]
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Boosts are back
In its pre election budget, the previous Government announced two “boosts”… A skills and training boost and a technology investment boost. Well it looks like the new government has decided to continue with these as the Treasury has released draft legislation for both the skills and training boost and a technology investment boost. Technology investment […]
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What is a fair share of tax
from Taxation Statistics 2020… In the 2020 tax year, there were 15,000,000 individuals that lodged tax returns, with net tax of $225 billion. 3% of these individuals who lodged tax returns (445,000 people) who had the highest incomes paid 29% of all of this tax (over $65 billion) 9% of these individuals who lodged tax […]
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Electric Vehicles exemption from FBT – even if salary packaged
The new Government has introduced a Bill that states that employers are exempt from FBT for car fringe benefits involving cars that are eligible zero or low emissions vehicles made available to employees. To be eligible for the exemption the value of the car at the first retail sale must be below the luxury car […]
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Crypto not taxed as foreign currency
We just got our first tax announcement from the new Labor Government. The Treasurer, in a media release, stated that crypto currencies will continue to be excluded from foreign currency tax arrangements under this Government and capital gains tax will continue to apply to crypto assets that are held as investments. This treatment will be […]
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NSW stamp duty v new “annual land tax”
We are going to get asked the question so we need a spreadsheet. But of course to do the calculation we need to know the purchase price (to work out the stamp duty), whether it is an owner occupier (higher land tax rates for investment properties), the Unimproved Land Value (ULV), the estimated percentage growth […]
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Trust distributions and 100A – A minor update
As the Commissioner could not get his section 100A rulings ready by 30 June, he has instead put out a very short summary of what we can and can’t do for this 30 June… According to this short document, what can we definitely do and be sure the Commissioner wont apply section 100A? What does […]
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Not sure what the ATO’s marketing and communication’s budget is, but it is obviously money well spent!
“You wouldn’t double dip your chip, so don’t double dip your deductions” Mr Loh said.
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FBT On pets…
According to Assistant Commissioner Michelle Allen “We’ve even heard of an employer providing their employees with pets to keep them company while they work at home!” As a result she is “urging employers that have provided their employees with fringe benefits to consider their fringe benefits tax (FBT) obligations”. Don’t say I did not warn […]
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