Significant change to claiming working from home expenses
Be aware of updated rules when claiming working from home expenses Before 1 July 2022, an individual taxpayer that incurred additional deductible expenses as a result of working from home, had a choice of three methods to claim these expenses. These choices were: The shortcut method – which was available from 1 March 2020 to […]
Thank you cape2cape donors
$344,359k raised for youth mental health Now that all the blisters have had time to heal, we wanted to say a huge THANK YOU for donating to Justin’s cape2cape Trek and for being a part of what was a record-breaking trek! A total of 31 trekkers absolutely crushed a total of 4,185kms and far exceeded […]
Builder unable to obtain refund of incorrectly charged GST
Ruling by Administrative Appeals Tribunal impacts GST refund guidelines The Administrative Appeals Tribunal has held that a builder was unable to receive a refund of GST incorrectly charged on the sale of a residential premises that had been rented for just over five years since construction was complete. The taxpayer claimed the GST charged on […]
Electric vehicle FBT exemption now law
Legislation to make certain electric vehicles exempt from FBT enacted into law Certain zero or low emissions vehicles provided as a car benefit on or after 1 July 2022, can be exempt from fringe benefits tax (FBT). For this exemption to apply various criteria need to be satisfied. The car needs to have been both […]
Further eligibility age change for downsizer contributions
Be aware of new eligibility rules regarding superannuation downsizer contributions In another recent legislative change, the eligibility age to make a downsizer contribution into superannuation has been reduced to 55 from 1 January 2023. This further reduces the downsizer eligibility age, which changed from 65 to 60 from 1 July 2022. From 1 January 2023, […]
Improving payroll governance
Make sure you’re up to date on payroll compliance How employers can understand and meet their payroll obligations and some of the common issues seen by the ATO. How to meet your employer obligations The ATO wants to help you ensure your entity’s payroll governance measures are designed effectively and fit for purpose. This means […]
Illegal early access to super
Accessing your super early may be illegal You cannot access your super before you retire unless you meet one of the conditions that make it legal to access your super and receive relevant approval. Always check first with Omnis Group’s Superannuation team before taking any action. There are only a few reasons that you might […]
ATO reminds employers of super contribution requirements
Requesting stapled super fund details for new employees Make sure you know your obligations when it comes to super contributions for employees The ATO is reminding employers that, when they have new employees that have not provided them with their choice of super fund, super contributions should be made into: the employee’s stapled super fund; […]
ATO’s recordkeeping tips
Avoid penalties and reduce the possibility of expense claims being denied The ATO has reminded taxpayers that they should understand the record-keeping requirements for their business and keep accurate and complete records as they occur. This should help them avoid penalties that may apply and reduce the possibility of the ATO denying their expense claims. […]
Justin trekking for youth mental health
Cape to Cape 2023 — Zero 2 Hero On 28 February to 3 March 2023, Justin is trekking 135 km for the Cape To Cape to raise money for youth mental health and suicide prevention. I am sure everyone has (or had an adolescent) in their family or circle of friends that has needed assistance […]
