The job market has become increasingly challenging for WA employers, with a record low unemployment rate of 3.5% in February 2023 and high employee turnover rates.
Fair Work Australia have brought several Industrial Relations changes into effect as part of the Secure Jobs, Better Pay Act 2022 that business owners must understand and comply with.
The ATO has announced changes to how Australians can calculate their deductions for working from home.
Cryptocurrency is viewed as a ‘personal use asset’ by the ATO if it is held for personal use. The ATO may exempt capital gains made from cryptocurrency valued up to $10,000 if it is considered a personal use asset.
The ATO modified their rules regarding payment of Fringe Benefits Tax (FBT) for electric cars for this financial year. As of 1 July 2022, employers are now exempt from paying FBT benefits provided for electric cars.
The ATO has issued a warning to owners of holiday homes claiming rental deductions, indicating they will be pursing those submitting incorrect claims.
Managing cash flow is crucial for the survival and success of any business. Business owners who stay on top of their cash flow can avoid financial difficulties, maintain positive relationships with suppliers, keep operations running smoothly and make strategic decisions for the future.
When it comes to running a business, it is essential to have a handle on your business processes.