At 7:30 pm (AEST) on 9 May 2023, the Federal Treasurer, Dr Jim Chalmers, handed down the 2023–24 Federal Budget against a backdrop of geopolitical tension.
The ATO has identified three main areas of focus for this tax season: rental property deductions, work-related expenses, and Capital Gains Tax (CGT). These are areas where mistakes are frequently made and the ATO is now prioritising them.
Now that borders have fully re-opened, we are seeing a significant increase in business travel. With increased travel, comes increased expenses people may be looking to claim.
Now that borders have fully re-opened, we are seeing a significant increase in business travel. With increased travel, comes increased expenses people may be looking to claim.
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.