In the digital world that we now live in people need to be aware of the warning signs of phone, email and SMS scams.
Blog / Year: 2022
ATO Focus on Record Keeping and Work Related Deductions
Following on from last month’s article about the ATO’s focus on rental properties, other areas that the ATO are focussing on for the 2022 tax year is record keeping and work related expense claims.
ATO Focus on Rental Properties
The ATO has issued a release highlighting rental properties as one of its focus areas for the 2022 tax year. It’s an area that is easy to get wrong and extra care needs to be taken when including a rental property schedule in your tax return.
Electronic Invoicing (or eInvoicing) is being rolled out, what does this mean for businesses?
Australia and New Zealand have been discussing adopting the Pan-European Public Procurement Online (Peppol) network for some years now. Peppol eInvoicing is a new channel for electronically sending invoices that is an accurate, efficient, and secure way to transact with your suppliers and buyers. This framework is designed to increase opportunities for businesses to integrate with the global trading environment utilising their preferred bookkeeping software. It is designed to decrease processing costs and human error by creating a direct exchange of invoices between suppliers and buyers.
COVID and Natural Disaster Payments – What’s Taxable and What’s Not?
Advice for Australian taxpayers with regards to COVID-19 and Natural Disaster Payments.
Superannuation Guarantee Is Rising
From 1 July 2022 the superannuation guarantee (SG) rate will increase from 10% percent to 10.5%. The rate will also increase a further half a percent each year until it reaches 12% in 2025.
End of Financial Year – 30 June 2022
With 30 June fast approaching tax deductions are no doubt on a lot of people’s minds. Whether you are an employee, investor, or business owner it’s always important to remember that when you spend money to save on tax you are only ever going to get a percentage of the money back, as either reduced tax payable or a larger refund.
Why does your accountant know so much about you, without having to ask?
In recent years Online Services for Agents (aka the Tax Agent Portal) continues to be expanded. A lot of this information is also available on your MyGov account, if you have one setup.
Study and training loans? When do they need to be repaid?
When determining if a loan repayment is required it’s not always taxable income that is used in the calculation.
Do you work in the Building and Construction Industry?
The NSW Long Service Corporation administers the scheme which provides portable long service benefits to eligible workers in the building and construction industry.
Self Employed?
Before you apply for an Australian Business Number (ABN) consider which structure you will operate your business under.
New requirements for company directors – Director Identification Number
If you’re an existing director of a Company at 31st October 2021, you have until 30th November 2022 to apply for your director ID.