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.

The ATO has released updated information on claiming cryptocurrency losses and gains in your tax return.The first point to understand is that gains and losses from crypto are only reported in your tax return when you dispose of it – you sell it, convert it to fiat currency, exchange it for another type of asset, buy something with it, etc. You cannot recognise market fluctuations or claim a loss because the value of your crypto assets changed until the loss is realised or crystallised.

The system was firstly aimed at the building and construction industry in 2012 and was expanded to include cleaning and courier services. It was expanded further and now; a broader set of industries have been included.

A reminder of what changed on 1 July 2022: Superannuation guarantee increased to 10.5% – $450 super guarantee threshold removed for employees aged 18 and over

A reminder of what changed on 1 July 2022 – Superannuation guarantee increased to 10.5% – Work-test repealed for those under 75 to make or receive non-concessional or salary sacrifice super contributions (the work test still applies to personal deductible contributions)

Everyone knows you don't pay tax on your family home when you sell it‚ right? We take a closer look at the main residence exemption that excludes your home from capital gains tax and the triggers that reduce or exclude that exemption.

If you haven't already started the additional reporting required for Single Touch Payroll (STP) you may start getting reminders from the ATO.

Currently, a work test applies to superannuation contributions made by people aged 67 or over. In general, the work test requires that you are gainfully employed for at least 40 hours over a 30 day period in the financial year.

The Superannuation Guarantee (SG) rate will rise from 10% to 10.5% on 1 July 2022 and will continue to increase by 0.5% each year until it reaches 12% on 1 July 2025.