News & Updates From Taxpoint Accounting

INDIVIDUAL – Reducing Compliance cost for self-education.

2021-22 Federal Budget, the Government announced it would remove the exclusion of the first $250 of deductions for prescribed courses of education.
The first $250 of a prescribed course of education expense is currently not deductible
Aims to reduce compliance costs for individuals claiming self-education expense deductions
Applies from the 2022-23 income year and to the Fringe Benefits Tax (FBT) year starting 1 April 2023

INDIVIDUAL – Work from Home deduction revised fixed rate.

The temporary shortcut method ended on 30 June 2022.
From 1 July 2022, there are two methods available to calculate:

Revised fixed rate method – 67 cents per hour

an amount per work hour for additional running expenses.
separate deduction amount for the decline in value of depreciating assets.
You cannot claim a separate deduction amount for home phone, internet, stationery, and computer consumables; they form part of the 67 cents fixed rate.

Actual cost method

Actual expenses you incur because of working from home
You can claim separately depreciation of fixed assets that you use for work. This popular deduction becomes more complex in its calculation for 2022/23. We will discuss this further in our tax appointment.

Capital Gains Withholding Clearance Certificate.

From 1/07/2016, if you sell a property for $750,000 or more, you must provide the Capital Gains Withholding Clearance Certificate to the Buyer before or on the settlement date, or you will be withheld 12.50% of the sale price.

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