The story is familiar to most of us by now. Last year’s spike in inflation prompted central banks around the world to rethink their loose monetary policy settings. In Australia, interest rates shot up rapidly, delivering a shock many households weren’t prepared for.

Variable rate borrowers have had to deal with their loan repayments rising almost every month. But those who fixed their loans at historically low rates face a different kind of predicament.

The ATO are currently targeting tradies and motor vehicle claims in general. While there is a perception that utes are commercial vehicles and not subject to the same record keeping requirement as cars, the reality may be different. Dual cab utes such as the Toyota Hilux and Ford Ranger, the two top-selling cars in Australia, could be subject to substantiation requirements (e.g. a log book) and fringe benefits tax (FBT) as the extra weight of the dual cab reduces the load capacity. Even a variance between the same model e.g. manual vs automatic, can be the difference in a load carrying capacity.

Since the 2020 financial year many businesses have been enjoying large tax deductions available under various depreciation tax incentives, including the temporary full expensing rules. After 30 June 2023 these incentives have ended, and a there has been a change to the instant asset write off threshold.

After 30 plus years of working in the Accounting profession, and 25 of those years at the helm of RVN and its predecessor firms, we are excited to announce Richard Verco’s transition to semi-retirement effective 1 July 2023. Having passionately driven RVN as a director for so many years, Richard is now keen to spend additional time with his family; travelling and pursuing other personal projects, whilst still remaining a part of the RVN team.

From the 1st of July 2023, there will be an increase in the superannuation guarantee rate in Australia. The rate will rise from the current 10.5% to 11% of ordinary-time earnings. This means that employers will need to ensure that the correct superannuation contributions are made for their employees under the new rate.

The Single Touch Payroll system has revolutionised the way businesses report their payroll information to the Australian Taxation Office (ATO). With the end of the financial year approaching, it is essential to complete the STP finalisation process accurately and within the required timeframes. Failure to meet these deadlines may result in penalties or non-compliance issues.