Business
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FBT electric vehicle home charging rate
- 7 May 2024
- Posted by: GJ North
- Category: Taxation
No CommentsWith the rise in businesses purchasing electric vehicles (EVs) for the use of their employees, the ATO has finalised its guidelines setting out the methodology for calculating the cost of electricity for FBT purposes when an eligible EV is charged at an employee’s or an individual’s home. T
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Are you receiving personal services income
- 12 March 2024
- Posted by: GJ North
- Category: Business
Do you earn personal services income (PSI)? While most people may think that it only applies to builders or tradies, the truth is that may also apply to any instance where individuals work and earn income using their personal effort or skills.
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Employees versus contractors: new rules
- 8 February 2024
- Posted by: GJ North
- Category: Business
Following two prominent High Court decisions which dealt with the distinction between employees and independent contractors, the ATO has sought to provide guidance to businesses in the form of a taxation ruling. The most significant departure from its previous position is that the ATO now considers that various indicators of employment identified in case law, while relevant, should only be considered in respect of the legal rights and obligations between the parties, with the most important factor the holistic consideration of the contract between the parties.
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$20,000 instant asset write-off for small business: beware timing
- 3 February 2024
- Posted by: GJ North
- Category: Taxation
Legislation is currently before Federal Parliament that proposes to allow a deduction of $20,000 (up from $1,000) for the instant asset write-off of depreciating assets acquired by small business entities in the period from 1 July 2023.These new rules were previously announced by the Federal Government in its May 2023 Federal Budget.
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Simplified payroll reporting and STP Phase 2: employers take note
- 3 February 2024
- Posted by: GJ North
- Categories: Business, Government
While Single Touch Payroll Phase 2 (STP Phase 2) started on 1 January 2022, many digital service providers have a deferral in place to enable them to transition their customers over time.
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Sharing economy reporting regime for platform operators
- 3 February 2024
- Posted by: GJ North
- Category: Taxation
Individuals participating in the sharing economy should be aware that transactions for supplying taxi travel/ride sourcing and short-term accommodation are now required to be reported under the sharing economy reporting regime (SERR).
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Small business litigation funding: improvements recommended
- 2 October 2023
- Posted by: GJ North
- Category: Business
A recent Inspector-General of Taxation and Taxation Ombudsman (IGTO) report has recommended improvements to the small business litigation funding program, aimed at delivering better access to justice and fairness for small businesses.
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Subscriptions included in digital adoption boost: ATO clarification
- 2 October 2023
- Posted by: GJ North
- Categories: Business, Government
The ATO has advised that new and ongoing subscription costs can also qualify as eligible expenditure for the purposes of the digital adoption boost. This was not specified in the ATO’s original release on the measure.
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Small business energy incentive
- 2 October 2023
- Posted by: GJ North
- Category: Business
The Federal Government has released plans to introduce a small business energy incentive to help small and medium businesses electrify and save on their energy bills. The proposal was in the consultation stage until late July, but once implemented it may see businesses with an aggregated annual turnover of less than $50 million gain access to a bonus 20% tax deduction for the cost of eligible depreciating assets that support electrification and more efficient use of energy. It is projected to apply for the 2023–2024 income year.
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Small business bonus deduction: technology investment
- 2 October 2023
- Posted by: GJ North
- Category: Business
Small businesses may be able to get a bonus 20% tax deduction for any business expenses and depreciating assets used to improve their digital operations. This includes digital enabling items such as computer software and hardware, digital media and marketing, e-commerce related goods or services, and systems or monitoring services related to cyber security.