If you own a rental property you are required to include your full share of the amount of rent earned and all rental-related income in your tax return. Rental-related income may include items like bonds withheld and insurance payouts.
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Individuals may be able to claim a deduction for tools, equipment and other assets that are directly used in generating your income. If you use your tools and equipment for both work and private purposes you may still claim a reasonable estimate of work- related use.
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If you have commenced study you may be eligible to claim self-education and study expenses.
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The ATO have finalised the tax ruling that relates to personal services income (PSI) and personal services business income.
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MYOB Account Right have recently introduced Employee Self-Onboarding, allowing Employers to send an invitation to new employees using either their mobile number or email to complete their personal information in an electronic form that automatically pushes through to their employee card.
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As a result of the Fringe Benefits Tax (FBT) exemption passing Parliament recently, certain electric vehicles (EVs) provided as a car benefit to employees on or after 1 July 2022 can be exempt from FBT.
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