The increase to the instant asset write-off threshold to $20,000 from $1,000 for 2023-24 has passed Parliament just days prior to the end of the financial year. This increase offers cash flow benefits by allowing small businesses to claim an immediate tax deduction...
The software company is planning to increase its turnover with a simple strategy that will strengthen tech offerings for small businesses. Xero will introduce an AI-powered chatbot for accounting tasks. It says that it will drive revenue and simplify the lives of...
In recent times there have been many proposals, exposure drafts, consultation papers, and legislation released associated with superannuation and retirement. Some of these relate to measures that have been outstanding for some time. In this blog, we’ll look at some of...
The government announced new changes to individual income tax rates and thresholds on 25 January 2024 that may come into effect from 1 July 2024. Keep in mind that these changes are not yet law. From 1 July 2024, the tax cuts will: • 19% tax rate will be reduced and...
In this blog, we’ll share rulings, determinations, and guidance by the ATO on electricity costs for EVs, private use of motor vehicles, LAFHA reasonable rates, and managing SMSF non-compliance. Electricity costs when charging an electric vehicle at home The ATO...
Changes to the tax legislation by regulators have been mentioned in this blog. Take a look at the following sections to get updates on newly announced tax changes. Penalties on Taxpayers for Overdue TPAR According to the ATO, from 22 March 2023, penalties will be...
In today’s blog, we’ll share new information on tax changes recently announced by the government. Every accountant and adviser must know about this new update. Continue reading this blog to know what new changes have been proposed. Consultation on Over $3m Super...
People with holiday homes are accessing more deductions than they should and this is the reason why the ATO is concerned about those deductions and they have started asking a few questions to examine claims. In today’s blog, we’ll discuss all questions which will be...
You may know about different types of taxes. Among other taxes, one is the franking deficit tax (FDT). In today’s blog, we’ll discuss franking credit, franked distributions & FDT. A franking account records the tax amount paid that a franking entity can pass on to...
To support both the budget of Australians and the environment, the federal government has introduced a law that makes electric cars exempt from the fringe benefits tax (FBT). Continue reading this blog to know more about FBT exemption on EVs. Eligibility Criteria for...