Tax
Your guide to the ATO’s new work-from-home deduction changes
March 9, 2023 | Tax The ATO scrapped the so called ‘shortcut method’ of claiming work from home expenses at the end of the 2022 financial year on 30 June 2022. This method allowed taxpayers to claim 80 cents per hour worked from home and was an all-inclusive rate so no other work from home…
Why You Should Review Your Businesses Eligibility for Fuel Tax Credits (FTCs)
February 2, 2023 | Tax With your business, you are constantly looking for ways to improve your bottom line and stay competitive in your industry. One area that you may not have considered is Fuel Tax Credits (FTCs). A Fuel Tax Credit review conducted by LINK Advisors can help you identify if your business is…
Proposed changes to work from home expense claims
The Commission of Taxation has recently released Draft: Practical Compliance Guideline PCG 2022/D4. This guideline defines a new and revised fixed-rate method for taxpayers to claim deductions incurred from working from home. Given the major uptake in work from home arrangements post-COVID, the legislation of these new rules would result in significant changes to the…
Fuel Tax Credits: don’t miss out on business fuel savings.
November 29, 2022 | Tax From 30 March 2022 to 28 September 2022, a temporary reduction to the Fuel Tax Credits (FTC) available to businesses was in force. This was due to the temporary decrease in fuel excise duty. With this temporary reduction now lifted, now is a great time to review the eligibility of…
Investors’ guide to Franked Dividends and Franking Credits
November 25, 2022 | Tax Owning shares is quite common for Australians, and many of them receive dividends on those shares held. This article details what franked dividends and franking credits are, how they work, and provide tax savings for you. What is a franked dividend? When you invest in a company through shares, you’re…
Is your business grant taxable or not?
September 23, 2022 | Tax The Covid-19 pandemic has presented us with an array of unprecedented challenges for many of our small businesses. They have been disproportionately impacted due to their prevalence in industries hardest hit by mandated lockdowns. In response, the government has provided support for eligible businesses in the form of several tax…
How to maximise your work-related electric vehicle claim this tax time
June 27, 2022 | Tax A greater awareness of environmental impacts, coupled with surging fuel prices, has encouraged many individuals to consider purchasing electric vehicles (“EV”) or plug-in hybrid electric vehicles (“PHEV”). The two methods allowed for either individuals or sole traders to claim work or business-related motor vehicle deductions respectively, are the logbook (operating…
How to get the biggest tax deductions for your overseas travel
May 26, 2022 | Tax Did you know that if you’re on an overseas holiday and you attend a work-related conference, that some of your expenses for the day and a portion (possibly 100%) of your flights will be tax deductible? In light of overseas travel ramping back up, this article details what is deductible…
How to claim Fuel Tax Credits – Updated rates to 28 September 2022
April 27, 2022 | Tax If you are eligible to claim Fuel Tax Credits and lodge a quarterly BAS, you may have to apply 3 different rates this quarter. Fuel tax credit rates change regularly. They are indexed twice a year – in February and August – based on the upward movement of the consumer…
10 top tax tips for business owners to prepare for your 2022 tax return
April 6, 2022 | Tax The end of the financial year is approaching and perhaps you are keen to get your tax lodged with the ATO as soon as possible. Perhaps you have a refund, and you are keen to receive it soon for your next project. Or you may have to pay some tax,…