Taxpoint Accounting

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: 
  1. 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. 
  1. 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.