The rise and rise of OnlyFans, YouTube, TikTok and other online platforms offer amazing opportunities for content creators to generate an income from their side hustle. As these opportunities increase alongside the sometimes-considerable income streams, the Australian Tax Office (ATO) has issued warning to the rising industry. How are content creators taxed? An update released by […]
When is a side hustle a business? Read More »
After a client receives their income tax assessment, we are often asked “What is the Medicare Levy Surcharge I have paid for?” In short, the Medicare Levy Surcharge is a payment some medium and high-income earners pay in addition to the Medicare Levy. The surcharge helps fund Australia’s public health system and encourages those people who
What is the Medicare Levy Surcharge? Read More »
The end of the financial year is fast approaching. Have you made a start on your trust distribution minute and/or intend to pay your beneficiaries a dividend? If you have a discretionary trust, then 30 June 2023 is an important date for you. The purpose of a trust is to separate the legal and beneficial
Trust Distribution Minutes and Dividend Statements: what you need to know before June 30 Read More »
The ATO has announced revised working from home deduction rules for taxpayers, changing the start date to 1 March 2023 and a fixed-rate deduction of 67c an hour for work from home claims. The finalised guidance follows on from the July 2022 abandonment of the 80c per hour pandemic shortcut method, reducing the options to
The ATO’s revised working from home deduction rules Read More »
On 12 December 2022, the Treasury Laws Amendment (Electric Car Discount) Bill 2022 was legislated to provide an FBT exemption for eligible electric vehicles. This retrospectively applies to eligible car benefits provided from 1 July 2022. The objective of the exemption is to encourage a greater take up of electric cars by making them more affordable and
New FBT exemption for electric vehicles Read More »
Attracting and retaining good staff is essential for your business. If you’ve given your employees perks and benefits such as car parking or gym memberships, you should consider the Fringe Benefit Tax (FBT) implications. These extras can be a great bonus on top of salary and wages – but they can attract an FBT liability.
How well do you know Fringe Benefit Tax? Read More »
1 July 2000 was the day the Goods and Services Tax (GST) was introduced to all Australians. This presented confusion to consumers, business owners and accountants alike with an endless list of GST dos and don’ts. In a nutshell, GST is a tax we pay via the items that we buy. As a simple example,
Goods and Services Tax (GST) Explained Read More »
The ATO has announced its annual warning to employers planning their staff Christmas parties and FBT tax implications. Hosting these events are a Fringe Benefits Tax (FBT) minefield. The warnings are timely as we head into the Christmas party season and many small businesses shout their staff to celebrate the year that was. This article
Everything you need to know about Christmas parties and FBT Read More »
It’s that time of year when some of you may have received a tax bill from the ATO. Depending on the amount, it can sometimes be a stretch to pay it off in one go, meaning you need to sign up to a payment plan and pay in predetermined instalments over time. So if you
Everything you need to know about ATO payment plans Read More »
(c) 2022 Arabon Accountants Pty Ltd ABN 91 600 325 540. Liability Limited by a scheme approved under Professional Standards Legislation. Registered Tax Agent Number 25620662. View our privacy policy.
