On Thursday 3 November 2022, the ATO announced draft changes to the work from home expense claim methods. The draft Practical Compliance guideline (PCG) released, outlines a new method called the revised fixed rate method for claiming a deduction for working from home expenses in 2022-23. The Changes Summarized Revised
Being a contractor offers flexibility, choice and more control over your own schedule. It also means that you have different responsibilities from other employees that you may have to fulfil.For employers, knowing the difference between a contractor and an employee is a must. It can lead to costly penalties if the
What is the $1,500 low and middle income tax offset and how will it affect my tax return in 2023? As you may have heard through various news channels and articles, millions of Australians are due to feel a sharp increase in their taxes which will results in lower tax returns
The 2023/24 Federal Budget has been released, so let’s take a look at what’s in it and how it will affect you. 1. Personal income tax measures 1.1 Increasing the Medicare levy low-income thresholds The Government will increase the Medicare levy low-income thresholds for singles, families and seniors and pensioners from
The concept of ‘minor, infrequent and irregular’ is not defined in the FBT Act, which makes it difficult for employers to determine whether the exemption in S.8(2) applies. Fortunately, the ATO released Practical Compliance Guideline (‘PCG’) 2018/3, which alleviates some of this uncertainty by outlining the ATO’s compliance approach in assessing
There have been a lot of amendments and changes to the rules governing superannuation funds and their providers by the Federal Government that may have an impact on how you as an employer deal with super. Are you aware of the changes to “choice of fund” rules that you might need
