Small 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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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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ATO crackdown on TPAR lodgments
- 2 October 2023
- Posted by: GJ North
- Category: Taxation
This tax time, the ATO is cracking down on taxpayers not lodging their taxable payments annual report (TPAR) on time. It has recently issued more than 16,000 penalties for businesses who failed to lodge their TPARs for previous years despite receiving multiple reminders.
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Developments in GST guidance for crypto assets
- 24 September 2023
- Posted by: GJ North
- Category: Taxation
Remember temporary expensing, which allowed just about every business (unless annual turnover was at least $5 billion) to immediately write off the cost of an eligible depreciating asset? Well, that is no longer available. To use temporary full expensing, you had to acquire and use, or install ready for use, an eligible depreciating business asset by 30 June 2023.
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Paying contractors? Get ready for your TPAR
- 24 September 2023
- Posted by: GJ North
- Category: Taxation
Businesses that make payments to contractors may need to report these payments and lodge a taxable payments annual report (TPAR).
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Using the cents per kilometre method for claiming car expenses
- 24 September 2023
- Posted by: GJ North
- Categories: Business, Taxation
The cents per kilometre method is a simple way to work out how much you can deduct for car-related work or business expenses. Only individuals, including sole traders, or partnerships (where at least one partner is an individual) can use the cents per kilometre method.
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Key tax considerations this tax time
- 19 July 2023
- Posted by: GJ North
- Category: Taxation
As the financial year draws to a close, it’s time to start thinking about whether your year-end tax planning is in order. Tax planning requires consideringyour income and deductions for the whole financial year, as well as you’ve met your obligations – for example, whether you’ve made tax-related elections on time and prepared other appropriate documentation and records. Here are some key considerations for this tax time.
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