by Team Garnet | Dec 14, 2022 | ATO, Small Business, Tax News
Second Commissioner Jeremy Hirschhorn delivered his speech at the IPA National Congress on 18/11/2022. The speech mostly covered how the ATO can help small businesses thrive. The theme of the Address was how the Tax Office can help small businesses thrive and survive....
by Team Garnet | Nov 24, 2022 | Business Structures, Small Business, Tax News
Rental waivers, deferrals or variations from your business’s landlord may seem like a good thing but beware of the potential income tax, GST and even CGT consequences of deferred rent. If you run a business from rented premises, there may be tax consequences when rent...
by Team Garnet | Nov 18, 2022 | ATO, Small Business, Tax News
Taxpayers could soon be dealing with more paperwork or face the prospect of a lower WFH deduction if the ATO gets its way. With the expiration of the previous fixed rate method and the shortcut method for calculating the deduction for WFH (working from home) expenses,...
by Team Garnet | Oct 19, 2022 | ATO, Business Structures, Small Business
The ATO has released an updated version of its online Guide – Market valuation for tax purposes. The purpose of the Guide is to assist taxpayers in understanding the ATO’s general expectations on market valuation for tax purposes. It includes information on...
by Team Garnet | Oct 8, 2022 | ATO, Business Structures, Small Business, Tax News
Did you know you can vary your pay-as-you-go (PAYG) instalments due to a change in your financial situation? Should you be varying your PAYG instalments? Pay-as-you-go (PAYG) instalments are prepayments of your expected income tax for the year. If your total PAYG...
by Team Garnet | Sep 23, 2022 | ATO, Business Structures, Small Business
The government has proposed to give small businesses a temporary 20% bonus tax deduction for employee training expenditure. As a part of its strategy to address the current skills shortage as well as to future-proof Australia’s workforce by building better trained and...
