Accounting

As electric vehicles (EVs) become more popular, the need for a comprehensive charging infrastructure to service the vehicles is increasingly important. To encourage the development of such infrastructure, the Australian Tax Office (ATO) has introduced new legislation for electric vehicle home charging costs according to draft Practical Compliance Guidance PCG 2023/D1.

In a measure to reduce emissions and reduce Australia's carbon footprint, the Federal Government's proposed Treasury Laws Amendment (Electric Car Discount) Bill 2022 has passed Parliament, with Fringe Benefit Tax (FBT) exemptions for electric cars now law.

Welcome to the first AGR Newsletter for 2023.

First introduced as part of the pandemic support programs for individuals, the Australian Tax Office intends to conclude the use of their ‘shortcut’ and ‘fixed-rate’ work-from-home expense calculating methods, instead announcing a new combined methodology.

On Tuesday, 25th October, Federal Treasurer Jim Chalmers handed down the 2022/23 Albanese Government - Federal Budget, providing a brief introduction into Labor's priorities to steady the peak of inflation and manage Australia's economic deficit.

With the continuing rollout of Single Touch Payroll – Phase Two well underway since the beginning of the year, we’ve now entered “stage 2” of the process, with employers required to identify and update certain pay items with new earnings categories as defined by the Australian Tax Office.

Under introduced changes by the Australian Business Registry Service (ABRS), Company Directors (of all types of companies) are now required to register with ASIC and gain a unique 'Director Identification Number' (Director ID) identifier.

For all businesses, regardless of size, maintaining confident and accurate financial information is essential in building a successful venture. Therefore, ensuring you have the appropriate bookkeeping functions and systems is critical moving forward.

As originally announced in this year's March Federal Budget by the then-Morrison Government, new reforms surrounding Employee Share Schemes (ESS) available to employees have now received Royal Assent, with revised legislation to take effect from 1 October 2022.

In our latest Building Your Business podcast episode, Chris Lewis chats with Smiljan Jankovic as they discuss what has been seen across the last 12 months in the Management Rights industry, and an overall sector update MLR professionals.