It's that time of year when we all look at what last minute things we can do to maximise tax savings. Here are some of our top tips for businesses.

It's that time of year when we all look at what last minute things we can do to maximise tax savings. There are some simple things you can do to reduce your personal tax.

The ATO has 'refreshed' the way you can claim deductions for the costs you incur when you work from home. From 1 July 2022 onwards, you can choose either to use a new 'fixed rate' method (67 cents per hour), or the 'actual cost' method depending on what works out best for your scenario. Either way, you will need to gather and retain certain records to make a claim.

The 2023 Federal Budget focuses on providing support for small business, cost of living relief through lower power bills, higher welfare payments and housing.

The ATO has released its final position on how it will apply some integrity rules dealing with trust distributions - changing the goal posts for trusts distributing to adult children, corporate beneficiaries, and entities with losses. As a result, many family groups will pay higher taxes because of the ATO's more aggressive approach.

Don't let rising indexation on study and training loans catch you unaware this year. HECS-HELP debt doesn't attract interest, but is indexed to inflation.

‍From 1 January 2023, those 55 and over can make a 'downsizer' contribution to superannuation.Downsizer contributions are an excellent way to get money into superannuation quickly and now that the age limit has reduced to 55 from 60, more people have an opportunity to use this strategy if it suits their needs.

Murray Nankivell are adopting industry leading apps focused on high level of security for sensitive information, and yet convenient for the digitally connected world we mostly expect.

The ATO has issued a draft practical compliance guideline setting out the ATO's proposed approach to individuals claiming deductions for the additional running costs incurred from 1 July 2022 when working from home, which is when the temporary 'shortcut' method relating to COVID-19 ceased to apply.

Legislation enabling FBT-free zero or low emission electric vehicles passed Parliament on 28 November 2022. We explore how the new rules work.How the EV FBT exemption worksThe FBT exemption is intended to apply to cars provided by an employer to an employee under the following conditions:Low and zero emission carsBattery electric vehicles – uses only an electric motor for propulsion; and is fitted with neither a fuel cell nor an internal combustion engine.

News reporting over the weekend suggests that over 1 million directors have not been issued with a required Director ID. ALL directors have to apply and receive a Director Identification Number by 30 November 2022 or face being fined.

The next quarterly super payment is due on Friday, 28th October 2022. Employers will have to pay the Superannuation Guarantee Charge (SGC) if the new SG amounts for the period 1 July 2022 to 30 September 2022 aren't received by your employees' super funds by 28 October 2022.