As the new financial year got underway, the Australian Tax Office found itself seriously inundated with calls from taxpayers wanting to know when they would be getting their extra refund, courtesy of the tax cut legislation passing through Parliament.
Many incorrectly assumed they are eligible for a $1080 cash back, when in fact it's an offset against tax due. In this month's client update, we look at what the tax cuts actually mean for taxpayers and who is eligible.
We also look at new legislation for overseas-based pensioners, limits on cash payments, and what will trigger an FBT liability for employee travel in ride sharing.
As always, if you have any queries, contact our team on 9957 4033.
This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.