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The Australian Taxation Office (ATO) has updated its approach to how you claim expenses for working from home  The ATO has ‘refreshed’ the way you can claim deductions for the costs you incur when you work from home. From 1 July 2022 onwards, you can choose either to use a new ‘fixed rate’ method (67 cents per hour), or the ‘actual cost’ method depending on what works out best for your scenario. Either way, you will need to gather and retain certain records to make a claim.
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Electric cars becoming FBT free from 1 July 2022? Draft legislation (Treasury Laws Amendment (Electric Car Discount) Bill 2022) has been introduced to Parliament by the Federal Government which has followed through with their election commitment to allow certain electric cars to be exempt from Fringe Benefits Tax (FBT).  While it’s important to note the legislation is not yet passed as law, it presents a new key tax planning consideration for both employers and employees to save tax and provide an opportunity for employers to increase their attractiveness as an employer.
Interest rate rises and what that means for you! Millions of Australians have been dealt with yet another interest rate rise! And although we would love to tell you that was the last one, unfortunately there looks to be another rise set for November 2022.  But what does this mean for you? How much extra money will be tagged onto your mortgage repayments each month, and have you allowed for these increases?
What you need to know about e-Invoicing (Electronic Invoicing) There is a dramatic transformation currently occurring with digital technologies around the globe and in Australia. Businesses are implementing Electronic Invoicing, the automated digital exchange of invoice information between suppliers’ and buyers’ software through a secure network.  What is e-Invoicing?
E-Invoicing is helping businesses move away from the traditional paper invoices being physically sent in the mail and stored in a filing cabinet. Invoices are now being sent from one accounting system to another as a digital exchange. This allows for automated entry into your accounting system and automated processing of invoices. Introduction: ATO Bridging the Debt Gap The ATO’S post-Covid money grab Following our article posted 24th May 2022, here is an update of what we are seeing and hearing about the ATO and its new targets for 2022-2023. The ATO has made it known that the pandemic-era leniency is coming to an end – the ATO’s position is that “the COVID pandemic is over"!  Well, life must be back to normal then, right? We all know this is not true and the struggle for small businesses will be felt for some time to come. However, the pressure is on for the Government to replenish the coffers and part of their plan is to ramp up pressure on tax compliance areas.
Cash Flow Tips With only 135 days until Christmas some of you may be planning office Christmas parties, while others may be concerned about their impending Christmas Cashflow. We have therefore put together some cashflow tips to help your business avoid the Christmas Cashflow Chasm over the December to February months when we all look to take a well-earned break.  What may cause a cash flow crunch over the festive period?
During December and January many businesses experience a slow period directly impacting on their cashflow. Many businesses see their sales and customers dramatically slow over the holiday period, some carry out planned shutdowns and for those who remain open, they operate on skeleton staff! How to set up your Director ID Directors are now required to register for a unique identification number that they will keep for life. What is a director ID? A director ID is a 15 digit identification number that, once issued, will remain with that director for life regardless of whether they stop being a director, change companies, change their name, or move overseas.  Directors are now required to register for a unique identification number that they will keep for life.
What is a director ID? A director ID is a 15 digit identification number that, once issued, will remain with that director for life regardless of whether they stop being a director, change companies, change their name, or move overseas. Don’t get caught out! There are changes in the domain space that require the attention of every business owner who has a .com and/or .com.au in their website or email domain name. For those of you with an existing .au domain (.com.au/.net.au) you will be given priority until the 20th September 2022.  If you don’t register for your exact name match by the cut-off date, the domain will become available to the general public!
Below is a step-by-step guide to participate in the Priority Allocation Process. Thousands of tax debt defaults ‘in the pipeline’ The Covid-19 honeymoon period is over! Thousands of tax default referrals worth millions of dollars to the Australian Taxation Office (ATO) are expected before the end of the year, according to the only credit bureau currently processing them – Creditor Watch. This means beginning to publicly list defaults – something they haven’t done in the past!  The Covid-19 honeymoon period is over!
Thousands of tax default referrals worth millions of dollars to the Australian Taxation Office (ATO) are expected before the end of the year, according to the only credit bureau currently processing them – Creditor Watch. Superannuation Guarantee Liabilities are changing As of 1st July 2022, there are two main changes to how you pay your employees’ Superannuation Guarantee Contributions. The Federal Budget 2022 has maintained the Super Guarantee’s legislated increase to 12% by 2025. From July 1st 2022, the Super Guarantee increases to 10.5%. It will increase by 0.5% on the 1st of July each year until it reaches 12% in 2025.  As of 1st July 2022, there are two main changes to how you pay your employees’ Superannuation Guarantee Contributions.
The Federal Budget 2022 has maintained the Super Guarantee’s legislated increase to 12% by 2025. |
AuthorHansens is a team of accounting professionals that love what we do. The observations and opinions in the articles written here, aim to challenge, inspire and provoke change into making your business better! Archives
July 2023
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