Tag Archives: accountant chatswood

Proposed new method for calculating WFH expenses

Taxpayers could soon be dealing with more paper work at tax time or face the prospect of a lower deduction for work from home expenses if the ATO gets its way. The ATO has recently released a proposed new revised fixed rate method of calculating work from home expenses of 67c per hour. This will replace the previous shortcut method of 80c per hour which most taxpayers have been using during the pandemic as well as the previous fixed rate method from 1 July 2022. This proposal is still in draft stage and open to submissions from interested parties.

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Deemed Dividend Rules: New 10 year loan model

Division 7A is a long-standing tax integrity measure that treats certain payments by private companies to shareholders or their associates as unfranked "dividends" for tax purposes. Those deemed dividends are then assessable income of the recipient and taxed at the recipient's marginal tax rate.

Current laws include an important exception to these rules:...

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Labor Election Policies

Given the likelihood of a change of Government in the upcoming election

we look at Labor's well-publicised policies of negative gearing restrictions, reduction of the CGT discount, and ending excess dividend imputation. These policies are wide-ranging and may affect a broad group of taxpayers including individuals, retirees and SMSFs.

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