Pony club shines

BEAUTIFUL WEATHER and a great turnout of competitors has made the Cabarita Beach Pony Club’s annual gymkhana at Hastings Point a big success, according to organisers. The event was held over the Saturday and Sunday, June 10 and 11 of the long weekend, with 97 riders competing in jumping, flat riding, dressage and sporting events.

Club and the host club, Cabarita Beach.

“The whole event is run by volunteers, mostly parents, and we get lovely prizes from local business sponsors,” Nina said.

“We are always looking for more sponsors.”

Nina said it was the club’s biggest event of the year.

TAX TIPS: SOME GENERAL ADVICE FROM A LOCAL EXPERT

Work From Home Expenses Tips

It’s important to be mindful of what you can and cannot claim regarding working from home. The ATO has indicated they will be reviewing this carefully with the large increase in deductions in this area.

If you are one of the millions of Australians who worked from home during the pandemic, the Government has established a temporary ‘short-cut’ method to claim home office expenses as a tax deduction.

You don’t have to use this method (you can choose whichever method gives you the best outcome), but it is very simple and requires almost no documentation.

For the period from 1 July 2021 to 30 June 2022, you can claim a deduction of 80 cents per hour for each hour worked at home.

This covers all work from home expenses such as phone expenses, internet expenses, electricity and gas for heating, cooling and lighting, and the decline in value (depreciation) of equipment and furniture.

You don’t need any expense records, nor do you need to have a dedicated work area to use this method. All you require is a timesheet or diary that shows the hours worked.

The small business technology investment boost and skills and training boost measures, which were announced back in the March 2022 budget have not yet been passed as law, but the Government has committed to pushing this legislation through parliament before the 30 June cut-off date. The technology boost provides small businesses with an additional 20% tax deduction for expenditure on digital operations such as portable payment devices, computer and telecommunications hardware and equipment, web design, cyber security systems and subscriptions to cloud-based services incurred between 29 March 2022 and 30 June 2023, up to an annual cap of $100,000. The small business skills and training boost also allows small businesses to deduct an additional 20% for expenditure incurred between 29 March 2022 and 30 June 2024 on eligible training courses for their employees by registered providers and is not capped. Essentially, you can claim 120% of what you spend under both measures so it’s definitely worth considering.

Temporary full expensing will be coming to an end on 30/06/2023. These rules provide a full deduction to businesses for the cost of eligible deprecating assets in the year they are first used or installed ready for use.

To avoid miss ing out of ac celerated tax de ductions tax payers should note this date.