• The changes to the Stage 3 Personal income tax cuts - to take effect on 1 July 2024 are now law;
• Check your PAYG instalments if you are a Sole Trader;
• If you have been working from home this income year, you will probably have some work-related expenses you can claim - there are two ways to calculate a WFH deduction - the fixed rate method and the annual cost method - find out more in the newsletter;
• If you use an EV for work, you may be able to use the ATO's cents-per-kilometre rate for calculating electricity costs when you charge the EV at home. This method can also be used for FBT purposes if you provide an EV to an employee who charges it at home. There are particular things to note and record keeping requirements, so find out more in the newsletter;
• Division 7A - so much to understand, so many common errors. The rules around Division 7A are complex - read more in the newsletter, but do contact us if you intend to receive money from a company (or trust structure) that you operate your business through;
• Do you own shares? You may be entitled to a franking offset in relation to franked dividends you receive - learn about the Franking Offset holding rule and the LIFO method;
• Financial crime is not victimless and has a serious economic impact on the community (eg the effect on individuals arising from cyber criminals who steal people's life savings or identities). It is estimated that financial crime costs Australia up to $60billion each year. Read about indications of financial crime, tax evasion or fraud and how the ATO tackles financial crime;
• If you have an SMSF, there are some timely reminders for this time of year and some interesting SMSF stats in this issue;
• A couple of updates 'from the Courts' about recent cases - ie, the Plutus Payroll fraud, a developer jailed for tax fraud and a man sentenced to 3.5 years imprisonment for attempting to defraud the ATO (including 40 fraudulent applications for JobKeeper);
• Key Tax Dates

        Read more in our April newsletter