The government has reintroduced and passed a raft of measures that faced an uncertain fate when the House of Representatives was dissolved and the Senate prorogued due to the calling of the Federal Election earlier this year. One of these measures that have recently passed all stages is the removal of the $250 non-deductible threshold for work-related self education expenses, which will apply to assessments for the 2022-23 income year and onwards.

As a part of the government’s strategy to combat the tax compliance risks posed by the sharing economy, it has now legislated requirements for operators of electronic distribution platforms to provide information on transactions made through their platforms to the ATO. 

It’s been a tough few years for many businesses, with the pandemic and natural disasters, especially small business owners.

Finding funds and expertise for business development can be challenging for smaller organisations. Even larger and successful firms can find it difficult to put together the cash and know-how to keep a business expanding.

That’s where a grant of funds or professional support can come to the rescue.

Pay as you go (PAYG) instalments are prepayments of your expected income tax for the year. If your total PAYG instalments will be more, or less, than your expected tax for the year, for example because your financial situation changes, you can vary the amount of the instalments.

The ATO has recently updated its practical compliance guideline on how the CGT main residence exemption may apply in cases where a dwelling is disposed either in the capacity of an individual beneficiary or a trustee of a deceased estate.