Overtime meal expenses – for food and drink when working overtime. Overtime meal allowance can only be used where you receive an allowance to cover that expense. That allowance needs to appear on your PAYG Summary for the 2021–22 income year. The reasonable amount for… Read More »ATO: Meal allowance and deductions
The Australian Taxation Office (ATO) has indicated the four key focus areas for the 2021/2022 Financial Year. The ATO will be focusing on: record-keeping work-related expenses rental property income and deductions, and capital gains from crypto assets, property, and shares. These ATO priority areas will… Read More »Four focus area’s for the ATO this tax time
From the 2021–22 income year, companies that are base rate entities must apply the 25% company tax rate. The rate was previously 27.5% from the 2017–18 to 2019–20 income years and 26% in the 2020–21 income year. For your company to be a ‘base rate… Read More »ATO – lower company tax rate
The ATO will be paying interest on early payment entitlements (IEP) automatically from March 2022. The ATO are automatically identifying, calculating and paying IEP entitlements directly into nominated bank account. This process applies to eligible early payments made from 1 July 2022. For eligible payments… Read More »ATO: paying interest on early payments