Revised working from home methods for 2022–23
November 3, 2022
From 1 July 2022, the methods for claiming working from home expenses have changed. The 80 cents per hour COVID-19 shortcut method is not available for 2022-23 (i.e., from 1 July 2022).
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Victorian and ACT Business Grants to be Non-assessable Non-exempt (NANE) income
October 26, 2022
The following Victorian and ACT business grants are non-assessable non-exempt income. Therefore they are not taxable income for tax purposes:
Victoria
Victoria Business Costs Assistan...
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What the Budget Means for Individuals, Businesses and SMSFs?
October 26, 2022
There are not so many changes for taxation and superannuation in this budget.
We have summarised the major measure relating to individual, business and SMSF taxpayers:
• Personal i...
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Tax Determination: cost base exclusions for deductible amounts and value of goods taken from stock for private use
October 20, 2022
Tax Determination: cost base exclusions for deductible amounts
TD 2022/14 confirms the ATO’s view that the law does not permit ‘double counting’ of certain amounts by way of inclu...
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Director ID awareness campaign
October 20, 2022
The Federal government has launched a new awareness campaign to help company directors get their director identification number (director ID) as the 30 November deadline quickly approache...
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ATO: Disclosure of business debts
October 13, 2022
The ATO is currently writing to 8,500 businesses with active ABN whose tax debt meets the criteria for disclosure. This includes companies, partnerships, trusts and sole traders. Agents may...
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ATO’s tax guide on market valuation
October 7, 2022
The ATO released its updated online guide Market valuation for tax purposes. The purpose of the guide is to assist taxpayers in understanding the Commissioner's general expectations on mar...
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ATO updates its crypto tax guide
October 7, 2022
The ATO has released its updated guide Crypto asset investments and tax. It provides guidance and examples on managing tax obligations and responsibilities when buying, selling or investin...
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TLA Bill (No. 2) 2022 introduced
August 11, 2022
The Treasury Laws Amendment (2022 Measures No 2) Bill 2022 was introduced in the House of Representatives. The Bill proposes to implement the following previously announced measures:
S...
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Is your system updated for the latest SG changes?
August 11, 2022
The ATO reminds employers to ensure their payroll systems correctly calculate new super guarantee (SG) entitlements from 1 July.
As of 1 July 2022, the $450-per-month SG eligibility thre...
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