Epoch News

$20,000 small business instant asset write-off From1 July 2023 to 30 June 2024 Small businesses, with an aggregated turnover of less than $10 million, will be able to immediately deduct the full cost of eligible depreciating assets costing less than $20,000 that are...

From 1 July 2023, access to the Government's Home Guarantee Scheme will be expanded to joint applications from "friends, siblings, and other family members" and those who have not owned a home for at least ten years. The eligibility criteria for access to...

The explosion of OnlyFans, YouTubers, TikTokers and others all offer an opportunity for 'content creators' to profit from the audiences they generate. But now the Tax Office has given notice to the booming industry. Back in October 2022, OnlyFans CEO Ami Gan announced...

The Australian Taxation Office (ATO) has launched a full-on assault on rental property owners who incorrectly report income and expenses. Based on previous data matching programs, the ATO's assessment is that there is a tax gap of around $1 billion from incorrect...

When you start a business, it inevitably consumes not just a lot of time but a lot of cash, and much of this is money you have already paid tax on. So, it only seems fair that when the business is up and running, the business can pay you back. Right? There are myriad...

Earn-out clauses for the sale of a business are increasingly common. We look at the positives and negatives that every business owner should consider. Business transactions often include earn-out clauses where the vendors 'earn' part of the purchase price based on the...

Just in time for the Fringe Benefits Tax (FBT) year that started on 1 April, the Australian Taxation Office (ATO) has released new details on electric vehicles. The FBT exemption for electric cars Suppose your employer provides you with a car classified as a zero or...

A consultation paper released by Treasury has sparked a national debate about the role, purpose and access to Superannuation ahead of the 2023-24 Federal Budget. What is the purpose of Superannuation? At first glance, the consultation released by Treasury in February...

Taxpayers claiming deductions on holiday homes are in the ATO's sights. The ATO is more than a little concerned that people with holiday homes are claiming more deductions than they should and have published the starting questions they will be asking to scrutinise...

The Australian Taxation Office (ATO) has updated its approach to how you claim expenses for working from home. The ATO has 'refreshed' the way you can claim deductions for the costs you incur while working from home. From 1 July 2022 onwards, you can choose either a...