Blog
On-boarding employees for the holiday rush
Hiring additional employees to help with surging end-of-year demand? A New employment form, accessed through ATO online services, will help reduce your compliance time. It’s an easy way for your employees to provide you and the ATO with the information that the ATO need. If your new employee has a myGov account linked to the ATO,...
New work from home deduction rules
The ATO has issued new draft guidelines around a new method (the revised fixed rate method) of calculating work-from-home running expenses from 1 July 2022 (as an alternative to calculating the actual work-related portion of all running expenses). The new revised fixed rate method will replace both: the 52 cents fixed-rate method set out in...
Single member SMSFs
From 1 July 2021, the law was changed to allow for six-member SMSFs (up from five members). At the time of writing, the uptake has been slow so far with just 228 funds with six members. At the other end of the spectrum, it is permissible to have single member funds. The main advantage of...
SMSF compliance: what’s on the ATO’s radar?
In a recent speech, ATO assistant Commissioner Justin Micale outlined the ATO’s latest compliance issues for those who operate an SMSF. ID fraud and investment scams While ID fraud and investment scams are still quite rare in the SMSF sector, they are becoming more prevalent. In the 2022 financial year, the ATO identified increasing numbers of individuals...
Xmas gifts from employers
Christmas is traditionally a time of giving, including employers showing gratitude to their workers for a job well done throughout the year. However, depending on the nature and value of the gift, and also who it is gifted to, such magnanimity can attract unwanted tax consequences. So how as an employer do you gift most...
Wallace Partners Client Information Newsletter December 2022
Access our Wallace Partners Client Information Newsletter December 2022 below: Wallace Partners CIN December 2022
Bonus Article, How does super impact your age pension?
Whether your superannuation impacts your Age Pension depends on a number of factors, such as your age and your level of assets and income. Age pension age In order to qualify for Age Pension payments, you must have reached age pension age. Your age Pension age is determined by when you were born, as follows:...
Rental expenses in excess of income not deductible
With many parts of Australia in the grip of a rental crisis, a significant number of tenants may be residing in the properties of friends and relatives. A recent case that came before the Administrative Appeals Tribunal (AAT), Rizkallah and FCT [2022] AATA 3081, is a timely reminder that rental expenses in excess of income...
Do I have to pay myself super as a business owner?
Do you have your own business or are thinking of starting one? If so, you may need to pay yourself superannuation depending on your business structure. Types of business structures available If you were working for a company, your employer would be required to pay you superannuation guarantee (SG) contributions of 10.5% of your earnings...
Bonus Article, Protecting your au domain name
The ATO Commissioner has just issued a warning to businesses on the importance of securing your au domain name! To recap, .au direct domain names were launched earlier this year by the organisation that manages Australian domain names, the Australian Domain Administration (auDA). This will allow businesses to elect to drop the .com from their...