by Team Garnet | Feb 24, 2023 | Small Business, Tax News
A new revised fixed rate of 67c per hour for calculating working from home expenses will apply from 1 July 2022 onwards. Find out how it affects you here. From the 2022-23 income year, taxpayers can no longer rely on the 80c per hour shortcut method with the...
by Team Garnet | Nov 30, 2022 | ATO, Capital Gains, Tax News
ATO has updated its guideline on how the CGT main residence exemption may apply in cases of deceased estates. It now explicitly takes into account the effects of COVID-19. The ATO has recently updated its practical compliance guideline on how the CGT main residence...
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 | 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 30, 2022 | Investments, Money, Superannuation, Tax News
To encourage downsizing, a new Bill has been introduced to extend the existing assets test exemption under social security and change the rate of deeming of proceeds of sale. In a bid to support pensioners and in conjunction with the announcement to reduce the...