Covid-19 has affected all aspects of life, including businesses and individuals alike, and the ATO is recognising the financial strain placed upon them. Therefore, they have announced that they are not applying any penalties or interest for any excessive variations for the 2022 financial year.
SMSF trustees rejoice ! Due to the ongoing economic impacts of Covid-19, the ATO has announced the extension of various Covid-19 relief measures for you. The relief, previously only available for the 2020 and 2021 financial years, will now also be available for the 2022 financial year.
There is very little way to avoid paying taxes completely, and they are our government’s way of bettering us as a society. So why do people fear them if they are so certain? Have we lost sight of their actual purpose?
Is home your main place of business? If yes, you may be able to claim some running expenses, including the cost of electricity, cleaning and depreciation of business assets.
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