WL Solutions

Our team has compiled a collection of critical accounting notes and updates from the Australian Taxation Office (ATO) for the month of April. These insights can provide valuable guidance in shaping your business strategy for the next few months. By staying informed about the latest developments, you can make well-informed decisions and take proactive measures to improve your business operations. Find our more from: https://www.wlsolutions.com.au/news/april-2023-summary/

The Australian Taxation Office (ATO) has recently issued information stating that generating revenue from online content is considered assessable income. This means that if you're a content creator and are earning money from your online content, you are required to report this income. Find out more: https://www.wlsolutions.com.au/news/ato-urges-content-creators-to-declare-online-income/

March 2023 Summary - Our team has put together some important accounting notes and updates from the ATO that could help you develop an effective business strategy for the upcoming months. By staying informed about these updates, you can make informed decisions and take proactive steps to enhance your business operations. Find our more: https://www.wlsolutions.com.au/news/march-2023-summary/

On 28 February, the Albanese Government announced it will introduce a 30% tax rate to super earnings on balances above $3m.
Find out more from: https://www.wlsolutions.com.au/news/new-30-tax-rate-proposed-on-super-balances-over-3m/

February 2023 Summary - We have summarized some essential accounting notes and ATO updates that can provide insights to help you plan your next move and improve your business operations for the next few months. Read more on: https://www.wlsolutions.com.au/news/february-2023-summary/

The ATO has announced changes to the "fixed rate" method for claiming "working from home" deductions in the 2022-23 financial year. The temporary "shortcut" method introduced during the COVID-19 pandemic will no longer be available from the 2021-22 financial year.

What’s changed?
• 52 cents per hour increased to 67 cents per hour.
• What’s covered by the rate now includes phone & internet usages & etc.
• Depreciation on office furniture can now be claimed separately.
• Dedicated home office space is no longer required.
• Record keeping for actual hours, no estimates or 4-week diary can be accepted.

Read More:

Working from home? The rules on how much and what you can claim on tax are changing A proposed change to the way Australians claim back tax deductions for working from home could mean some lose out on more than $1,300 a year, according to tax agents.

Electric cars now exempt from Fringe Benefit Tax (FBT)
The Treasury Laws Amendment (Electric Car Discount) Bill 2022 Bill has been passed by the Senate. It amends the FBTAA 1986 to exempt from fringe benefits tax cars that are zero or low emissions vehicles held by the provider and used by or made available for private use of employees.
Find out what it means to you from: https://www.wlsolutions.com.au/news/electric-cars-now-exempt-from-fringe-benefit-tax-fbt/

January 2023 Summary - We have summarised a few key accounting notes and ATO updates that could provide the insight you need to craft your next game plan and elevate your business operations accordingly for the next couple of months. Read more on: https://www.wlsolutions.com.au/news/january-2023-summary/

When you set new year’s resolutions you want to get things right. Consider this guideline from the ATO to keep you up to date on tax in 2023. Find out more from:

ATO’s New Year’s Resolutions for Small Business Owners - WL Solutions When you set new year’s resolutions you want to get things right. Consider this guideline from the ATO to keep you up to date on tax in 2023: Your income-generating hobby could be a business for tax purpose. Review and update your business details and tax registrations regularly, so that you don.....

From Jan 16, the government's much-debated homebuyer support program will be active. This plan offers an alternate tax structure to first timers on properties valued up to $1.5 million - stamp duty or a yearly land levy!

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NSW first homebuyers land tax scheme starts from January 16 - WL Solutions Home owners who’ve recently taken the plunge and purchased property in New South Wales can now look forward to a speedy rebate – with stamp duty refunded within two weeks of opting into the state’s land tax scheme. From Jan 16, the government’s much-debated homebuyer support program will be ...