November and December Newsletter 2022

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November and December Newsletter 2022

We are pleased to supply you with the November/ December edition of Client Alert, which contains information on a number of important developments up to and including 25 November 2022. We wish you all the best for the festive season and hope you have a happy safe new year.

Looming changes for the “buy now, pay later” market – In a bid to protect consumers, the Federal Government has released a consultation paper about regulating “buy now, pay later” services.

NSW first home buyers: choice of tax – The NSW government has introduced the First Home Buyer Choice scheme, which allows eligible first home buyers a choice between paying an annual property tax or the traditional stamp duty.

Proposed new method for calculating work from home expenses – The ATO proposes a revised fixed rate method of calculating WFH expenses for the purposes of claiming a tax deduction from 1 July 2022.

ABN registration: draft legislation to enforce lodgement and notification compliance – The Federal Government intends to strengthen the ABN system by imposing new compliance obligations for ABN holders.

A little planning can help avoid an FBT hangover this festive season – As the so-called “silly season” gets underway, it’s the perfect time to consider what benefits your business might provide to staff.

FBT car parking benefits: new draft ruling – The ATO has recently released an updated consolidated draft taxation ruling that incorporates proposed changes to FBT car parking benefits.

Tax implications of deferred rent for businesses – If your business has received a waiver, deferral or variation of rent, you may face income tax, GST and perhaps even CGT consequences.

Future of superannuation – Assistant Treasurer and Minister for Financial Services Stephen Jones has outlined two main areas the Federal Government will focus on to improve Australia’s super system.

Please contact us if you wish to discuss how the points raised in Client Alert specifically affect you.

Yours sincerely

RittWatchman & Associates

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