December 2022 Newsletter

We would like to thank you for your support in 2022. May you have an enjoyable festive season and a prosperous New Year.

Our team are taking a well-deserved break and our office will close on the morning of Friday 23rd December, reopening on Monday 9th January 2022.

This month our Newsletter looks at:

  • On-boarding employees for the holiday rush: Hiring additional employees to help with surging end-of-year demand? The New employment form, accessed through ATO online services, will help reduce compliance time for employers.
  • Single member SMSFs: it is permissible to have single member funds. The main advantage of doing so is that you have total control over your retirement savings, and the investment decisions in respect of those savings. However, there are some issues to be mindful of.
  • Xmas gifts from employers: Gifts provided by employers to employees, contractors, suppliers and key customers can have very different income tax, GST, and FBT treatment. However, keeping some basic rules in mind can assist employers in gifting tax-effectively.
  • New work from home deduction rules: New rules have taken effect for calculating an individual’s work from home deductions. In summary, the new method for working out your claim may leave you worse off than the methods it replaced, and also impose a greater compliance burden.
  • FBT exemption for electric vehicles: Electric vehicles are set to become more affordable for both households and businesses after the government sealed a deal with crossbench Senators on legislation to exempt low and zero emission cars from fringe benefits tax (FBT).
  • SMSF compliance – what’s on the ATO’s radar?: identification fraud and investment scams, illegal early access to retirement savings, non-lodgment of annual returns, regulatory contraventions, the adequacy and independence of audits are just some of the issues on the ATO’s radar in respect of SMSF compliance.

Click here to read the Rose Partners December 2022 Newsletter.

If you would like to discuss anything raised in the newsletter, please contact our Team.

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