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February 2022

Brisbane office closed due to flooding

Effective, Monday 28 February 2022, our Brisbane office has closed until further notice, as the flooding along the Brisbane River subsides. 

2021-22 Federal Budget measures enacted and other updates

Over the last couple of weeks, various Bills have received Royal Assent and various measures which were announced in last year’s Federal Budget have now become law.

NSW Small Business Support Program

Eligible businesses can receive 20% of their weekly payroll paid as a lump sum for the month of February 2022. The minimum payment will be $750 per week and the maximum payment is set at $5,000 per week. Non-employing businesses will receive a lump sum of $2,000 (i.e., $500 per week).

Car Parking Fringe Benefits – changes to consider before 1 April 2022

The Australian Taxation Office (ATO) released a Taxation Ruling (TR) 2021/2 which considers when a parking station is considered a commercial car parking station for the purposes of Fringe Benefits Tax (FBT) provisions.

Logbook Requirements

In most cases, having a valid car logbook is beneficial for both claiming a personal tax return deduction for work related travel cost using your own car, and calculating the taxable value of a car fringe benefit, when the car is provided by an employer.

FBT and Car Fringe Benefits

With the Fringe Benefits Tax (FBT) year ending on 31 March 2022, here are a few issues in relation to car fringe benefits to look out for during the 2021-2022 FBT year.

When does your hobby become your business?

From arts and crafts to jewellery design, photography, candle making, sewing, blogging and live streaming, we all have hobbies. Some of us are even prolific enough to sell the produce of our leisure time on dedicated platforms and make a few extra dollars, without thinking much of it… until it’s too late. Income is income, and it is important to know that your hobby dollars might need reporting to the Australian Taxation Office (ATO). The line between hobby and business is thin so be sure you make it your business to know where the difference lies.  

ATO – Practical Compliance Guideline 2021/4

The Australian Taxation Office (ATO) is targeting accountants, architects, engineers, lawyers and other professionals!  The ATO has released Practical Compliance Guideline (PCG) 2021/4 which finalises its compliance approach towards the allocation of profits from professional firms to an individual professional practitioner (IPP). The ATO is specifically concerned with arrangements involving the provision of services where the IPP redirects income to an associated entity, where it has the effect of altering their overall tax liability.