Taxpayers who are small business owners operating from home, or who use a vehicle for business purposes, need to be aware of some changes when claiming deductions this tax time, including the following. Cents-per-kilometre method – The cents-per-kilometre method for claiming car expenses increased from 72 cents to 78 cents per kilometre in the 2023 […]
Masters course fees not deductible as self-education expenses
July 11, 2023
The Administrative Appeals Tribunal (‘AAT’) has held that tuition fees for a public policy Masters course were not deductible, on the basis that the course did not relate to the taxpayer’s work as a music teacher.
Businesses that have employees, or hire eligible contractors, will need to ensure that their payroll and accounting systems are updated to reflect the new super guarantee rate of 11% for payments of salary and wages that are made from 1 July 2023. Businesses need to calculate super contributions at 11% for their eligible workers for […]
Reminder of March 2023 Quarter Superannuation Guarantee (‘SG’)
April 27, 2023
Employers are reminded that the SG obligation for the 1 January 2023 to 31 March 2023 quarter is due by 28 April 2023. If the correct amount of SG is not paid by an employer on time, they will be liable to pay the SG charge, which includes a penalty and interest component. As a reminder, […]
ATO and Australian Federal Police crackdown on GST-fraud promoters
April 27, 2023
At 31 December 2022, the ATO took compliance action on more than 53,000 clients and stopped approximately $2.5 billion in fraudulent GST refunds from being paid to individuals seeking to defraud the system.
The Government recently announced it will be imposing a 15% additional tax on individuals that have more than $3 million in superannuation. The new measure is expected to commence from 1 July 2025 (i.e., the start of the 2026 income year).
The 2023 FBT year ended on 31 March, so it is now time for employers to get ready to lodge your 2023 FBT returns, where you have provided benefits to employees (or associates) between 1 April 2022 and 31 March 2023.