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Tax News
Significant change to claiming working from home expenses   Before 1 July 2022, an individual taxpayer that incurred additional deductible expenses as a result of working from home, had a choice of three methods to claim these expenses.
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Super guarantee contributions for the December 2022 quarter   A reminder to employers that their December 2022 superannuation guarantee (‘SG’) contributions were due by 28 January 2023.
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Year-end (and other) staff parties Editor:  With the well earned December/January holiday season on the way, many employers will be planning to reward staff with a celebratory party or event.  However, there are important issues to consider, including  the possible FBT and income tax implications of providing ‘entertainment’ (including Christmas parties) to staff and clients. 
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ATO warning to SMSFs: “Paying the price for non-compliance”   There are various courses of action available to the ATO when trustees of self-managed super funds (‘SMSFs’) have not complied with the super laws, including applying administrative penalties.
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Director ID deadline is approaching   The Government has launched an awareness campaign to help company directors get their director identification number (‘director ID’) as the 30 November deadline approaches.
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Banking business income to a private account   The ATO has stated that it has “no concerns” with business owners banking their business takings or other sales in private accounts, but that this may become an issue when this income isn’t reported.
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More COVID-19 business grants are now tax-free   The Federal Government has expanded the list of State and Territory COVID-19 grant programs that may be tax-free to eligible businesses.
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Tax time focus on rental property income and deductions   The ATO is focusing on four major concerns this tax season when it comes to rental properties.
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Starting from 1 November 2021, company directors including foreign directors are required by law to apply for a director identification number (director ID) following legislation passed by the government.
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