Tax News – BDWelsh & Co

March 2023 Practice Update

March 6, 2023News, Tax NewsActual expenses, fixed-rate method, shortcut method, TBC, transfer balance cap, working from home expenses

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.

January/February 2023 Practice Update

February 5, 2023News, Tax NewsElectric Vehicle FBT Exemption, FBT, fringe benefits tax, GST, Super guarantee contributions

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.

Christmas Parties & FBT 2022

December 9, 2022News, Tax News50/50 method, actual method, Christmas, entertainment, FBT, fringe benefits tax, gifts, tax deductible

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.

December 2022 Practice Update

December 9, 2022News, Tax NewsATO, BAS, GST, Input tax credit, Record keeping, self-managed super fund, SMSF, stapled super fund, tax resident

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.

November 2022 Practice Update

November 18, 2022News, Tax NewsCredit, Crypto assets, Director ID, Refund, SMSF

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.

2022/23 October Federal Budget

October 28, 2022News, Tax NewsCOVID-19 business grants, Depreciation, Digital Currency, FBT, Federal Budger 2022/2023, Federal Budget, Foreign Investment Framework, fringe benefits tax, October Budget, Off-market share buy-backs, Superannuation, thin capitalisation

On 25 October 2022, Treasurer Jim Chalmers handed down an updated 2022/23 Federal Budget, the first for the Albanese Labor Government.

October 2022 Practice Update

October 7, 2022News, Tax NewsATO online services, BAS, business income, Input tax credit, SMSF, Super guarantee

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.

September 2022 Practice Update

September 15, 2022News, Tax NewsBusiness Cost Assistance Program, Commercial Landlord Hardship, COVID-19 business grants, Rental property, second-hand depreciating assets, Skills and Training Boost, Small business tax incentives, SMSF, Technology Investment Boost

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.

August 2022 Practice Update

August 15, 2022News, Tax NewsCapital Gains, Corporate beneficiaries, deductions, Discretionary trust, Record keeping, Rental property income, Superannuation

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.

DIRECTOR IDENTIFICATION RULES FOR COMPANY DIRECTORS

August 12, 2022News, Tax NewsABRS, Company Director, DIN, Director ID, Director Identification, Director Identification Rules

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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