All of the latest tax news, views and clues for March 2023.
This Alert addresses:
- Working from home expenses: new fixed rate – From 1 July 2022, employees who work from home can no longer use the 80 cents per hour “shortcut” method for claiming their related expenses.
- Upcoming FBT-related changes – Employers that provide FBT car parking benefits to their employees should be aware that the ATO has finalised its related ruling. It is also developing a guideline for calculating electricity costs when charging an employer-provided electric vehicle (EV) at an employee’s home.
- ATO targeting private not-for-profit schemes – As a part of its ever-tightening compliance net, the ATO has recently announced it is targeting specific tax avoidance behaviour in the not-for-profits sector.
- Outcomes of quality of financial advice review – In a bid to increase accessibility and affordability of quality financial advice, the government commissioned a report into possible changes in the regulatory framework. The report has now been released, containing 22 recommendations.
- Superannuation tax break changes – In an attempt to repair the Federal Budget and lower the overall national debt, the government is seeking to introduce changes to the way superannuation in accumulation phase is taxed over the threshold of $3 million.