HG Khouri & Associates

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Client Alert March 2023

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

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

Working from Home Deductions

To be eligible to claim a deduction for working from home expenses, you must: • incur additional running expenses as a result of working from home • be working from home to fulfil your employment duties, not just completing minimal tasks • keep records at the time you work to prove you incur the cost To calculate your working from home expenses, you can use the revised fixed rate method or the actual cost method Remember, you can only claim the work-related part of an expense

A few things we’re really great at

H G Khouri & Associates was originally founded on forward thinking, innovation and excellence which are qualities our team continues to embrace and practice Today H G Khouri & Associates continues to offer a range of talented professionals encompassing technical and industry backgrounds and our focus is on delivering strategic advice, innovative solutions and excellent service to our clients

TAXATION, ACCOUNTING & AUDITING

Our staff have the knowledge and experience to provide a comprehensive range of taxation and accounting services to a diverse client base Where appropriate we utilise the knowledge and experience of other professionals to form an integral part of our service delivery We are registered company and SMSF auditors

Our firm specialises in delivering a full range of advisory services to the diverse, and rapidly expanding middle market business sector These include new and expanding businesses, smaller listed companies, family businesses and medium-large private companies

The firm offers Financial Planning through an affiliated Financial Advisory Service Our Partner Frank Khouri & Senior Accountant John Cutajar are qualified Financial Advisers and also Authorised Representatives of Fiducian Financial Services After learning about your concerns and analysing your situation, we will then work on developing strategies aimed at achieving your objectives