AJV Accountants

Claiming work from home expenses this tax time? 🏡 💻

There are two methods available to calculate your expenses, the:
✔️ revised fixed rate method
✔️ actual cost method

You can choose to use whichever method will give you the best outcome, as long as you meet the eligibility requirements and have the right records.

To learn more, see https://www.ato.gov.au/individuals/income-deductions-offsets-and-records/deductions-you-can-claim/working-from-home-expenses/

Directors are encouraged to apply online for their director identification number (director ID) now. Visit https://zcu.io/qtIp

Businesses: Do you pay contractors to provide services for your business? 🤔

You may need to lodge a Taxable payments annual report (TPAR) by 28 August 📅

For more info on how you can lodge, visit www.ato.gov.au/Business/Reports-and-returns/Taxable-payments-annual-report/

There are two important changes to superannuation from 1 July 2022 that you need to be aware of:

1. The rate of superannuation is increasing from 10% to 10.5% from 1 July 2022

2. The $450 per month eligibility threshold for when Superannuation needs to be paid is being removed.

What this means for you

From 1 July 2022 you will need to make sure that your software is calculating superannuation at 10.5% of wages.

Please note that superannuation paid for the June 2022 quarter remains at 10%.

Also, ensure that your software is calculating superannuation for all employees, regardless of their income level.

If you require any assistance with this, please call AJV Accountants on 0439 093 660.
Have a great day.