tax deductions Archives - Element Business

STP Phase 2 Implementation

WHAT IS STP PHASE 2? In the 2019–20 Federal Budget, the Government announced that Single Touch Payroll (STP) would be expanded to include additional information. Under Single Touch Payroll Phase 2, the Australian Government will require all employers to report additional information through STP on or before each payday. This information will include details

Changed Record Keeping Requirements to Claim Tax Deductions for Working from Home

By Theresa Allery|2023-01-25T12:48:18+11:00January 25th, 2023|Business, Companies, News, Tax|

The ATO has recently released a draft tax guidance (PCG 2022/D4) for claiming tax deductions for working from home. From 1 July 2022, the ATO has explained that taxpayers who are working from home can claim deductions based on their actual expenses, or alternatively they can potentially adopt a revised fixed rate method which