Are you aware of the Instant Asset Write-Off? Your home office expenses? These questions are not as simple as it seems. However, at ERA Tax, we can provide the right advice to maximise your tax return. Do not risk making mistakes with the ATO and find out what you can claim on your tax return, whether you are an employee or run a small business. The ATO is focusing on tax payers expenses claimed. Let us help you get it right the first time around. We are more than happy to guide you on the right path. Call us for…

The Low and middle income tax offset (LMITO) was abolished on 30 June 2022. Therefore, it does not apply for 2023 financial year.  This can affect your tax returns in subsequent years. Your tax outcome can result in lower tax refund by $1500 because the maximum offset available in the 2022 financial year was $1500. The Low-income tax offset (LITO) is different and is applicable from 1 July 2022, and depends on what you earned as follows: $37,500 or less, you receive $700 Between $37,501 and $45,000, you receive $700 less 5 cents for every dollar above $37,500 Between $45,001…

The Australian Taxation Office (ATO) has implemented new laws to increase security with the client-to-agent linking process for all entities with an ABN, excluding sole traders or individual taxpayers. The new law commences from 13th November 2023, for the purpose of protecting all parties against identity theft. This measure involves the client nominating an agent for online services, as an extra authorisation step, to prepare income tax returns, Fringe Benefits Tax returns, BAS returns and more. Note, however, existing business clients are not affected if their existing arrangements have not changed. The entities that are included are: Companies, including strata…

Certain eligible electric cars will not attract Fringe Benefits Tax from 1st July 2022. This means no FBT will be payable by employers who provide an electric car for private use so long as all the following conditions are met: The car is a zero or low emissions vehicle. The first time the car is both held and used is on or after 1st July 2022. The car is used by a current employee, or their associates e.g. family. Luxury Car Tax has never been payable on the importation or sale of the car. However, the government will complete a…

The Government has announced it will deliver tax cuts to all Australian taxpayers, to provide cost-of-living relief. From 1 July 2024, the tax cuts will: reduce the 19 per cent tax rate to 16 per cent reduce the 32.5 per cent tax rate to 30 per cent increase the threshold above which the 37 per cent tax rate applies from $120,000 to $135,000 increase the threshold above which the 45 per cent tax rate applies from $180,000 to $190,000 Legislation will be introduced to enact these changes. The Government also announced that it will increase the Medicare levy low-income thresholds for 2023-24. This means people on lower incomes continue to pay a reduced levy rate or…