Changes to income thresholds for Medicare levy surcharge for 2024 financial year
April 20, 2023
The income thresholds for Medicare levy surcharge increases from 1 July 2023
ThresholdBase tierTier 1Tier 2Tier 3Single threshold$93,000 or less$93,001 – $108,000$108,001 – $144,000$...
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Victoria: New payroll tax ruling on interest and penalty tax
April 6, 2023
The State Revenue Office of Victoria has issued a ruling PTA-036v5 to replace PTA-036v4 , with effect from 1 April 2023. Under PTA-036v5, when an employer makes a voluntary disclosure...
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Buy-now, pay-later providers: GST considerations
April 6, 2023
The ATO has released a "guidance" which sets out what it sees as the key GST considerations for buy-now, pay-later providers. It focusses on assisting providers to determine their entitlem...
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Options to resolve ATO disputes
April 6, 2023
The ATO reminds agents and taxpayers if they disagree with a decision the ATO made about their tax affairs, they may be able to use one of their free options for resolving disputes.
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FBT: LAFHA – reasonable amounts for meals for 2023-24 FBT year
April 6, 2023
The ATO released the weekly amounts it considers reasonable for food and drink expenses incurred by employees receiving a living-away-from-home allowance fringe benefit for the 2023-24 FB...
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FBT: cents per kilometre rates for 2023-24
April 6, 2023
The ATO published the cents per kilometre rates for calculating the taxable value of a fringe benefit arising in the 2023-24 FBT year from the private use of a motor vehicle (other than a...
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NSW surcharge purchaser duty & surcharge land tax reversal
March 16, 2023
NSW Revenue has issued a release stating the NSW surcharge provisions are inconsistent with international tax treaties entered into by the Federal Government with New Zealand, Finland, Ge...
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ATO Fact Sheet for NSW taxi licence owners
March 16, 2023
The ATO released a fact sheet outlining the tax treatment of NSW Government payments made to eligible taxi licence holders under its Point to Point Financial Assistance Scheme. The ATO co...
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Fixed rate for home-based business expenses
March 16, 2023
Taxpayers who operate some or all of their business from home may be able to claim the business-use portion of expenses they incur. These include:
occupancy expenses (such as m...
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Due diligence when buying a business
March 6, 2023
As accountants, we can play a crucial role in helping clients conduct due diligence when purchasing a business. We can assist by thoroughly reviewing financial records, including income and...
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