Accounting
Reading Room - Accounting
The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the hot spots for employers and employees including electric cars, equipment for working from home, entertainment and contractors.
The last few years have been a rollercoaster ride of instability. 2025 holds hope, but not a guarantee, of greater stability and certainty.
The main residence exemption exempts your family home from capital gains tax (CGT) when you dispose of it. But, like all things involving tax, it’s never that simple.
The revised stage 3 tax cuts have passed Parliament and will come into effect on 1 July 2024.
Before the new tax rates come into effect, check any salary sacrifice agreements to ensure that they will continue to produce the result you are after.
The end date for temporary full expensing rules is 30 June 2023. The government has announced a temporary increase in the instant asset write-off to $20,000 from 2023-2024.
The ATO is more than a little concerned that people with holiday homes are claiming more deductions than they should and has published the startling questions they will be asking to scrutinise claims.
The general transfer balance cap (TBC) – the amount of money you can potentially hold in a tax-free retirement account, will increase by $200,000 on 1 July 2023 to $1.9 million.
The ATO has a new approach to deductions for costs when you work from home. From July 2022, you can choose a fixed rate or actual cost method.
When you have a Pension account, every financial year you need to withdraw a minimum amount. The amount is set by the government, is based on your age and increases as you get older.
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