The law generally limits the ATO’s ability to go back and amend income tax returns as follows: two years for a small business two years for medium business for income years starting on or after 1 July 2021 four year of other taxpayers The time period starts from the day Read more…
*** Update – 12 December 2022 *** This has now received Royal Assent. The following is general in nature. Please contact us or your tax agent as the attached is not tax advice. An employer who provides an employee with an electric vehicle will not be liable for fringe benefits Read more…
*** Update December 2022 – Taxation Ruling TR 2022/4 Income tax: section 100A reimbursement agreements has now been finalised by the ATO. The following is not taxation advice and we recommend you either contact us or speak with your tax agent for more information. The ATO has recently released guidance on how Read more…