Home About Us Our Services Testimonials Latest News Client Resources Contact Us Make an Enquiry
"Ajen is an accountant who is down to earth and genuinely interested in their clients prospering."
"As a trusted advisor you guided our business back on course when the outlook was far from positive and we look forward to your continued assistance into the future"
"His attitude towards his work and my portfolio has been exemplary. He always finds time for me at short notice and is a benefit to all."
"Ajen always has a high standard of professional manner. He continued to give me good advice and is a reliable person, helpful in sorting out problems and finding solutions easily."
"Ajendra has made himself available sometimes even after normal business hours, to assist us with any questions we have, even when sometimes they may have seemed silly or simple, he has answered in full and easy to understand terminology, at no point has he ever made me feel silly for asking."
"He is always accessible to speak with and even calls me to ask if I need help with anything."
"Ajendra's willingness to dedicate "caring time" to his clients sets him apart from others."
"I am confident to refer friends and family to his team because I know they are in the most capable hands. Ajendra’s honest, caring and upbeat nature has been an absolute godsend and I am so thankful that our paths crossed"
"Ajendra’s speaks with you in a language that you can understand and comprehend easily which assists in equity and partnership with your tax agent."
"We find you have a personal approach to your accounting practice, which makes everyone feel like number 1. This is a rare and special trait, and leaves us knowing we are in good hands."
"He is very astute, and at the same time down to earth and really interested in his clients prospering. For people like us who are new to small business this is an absolute god sent."
"He shows a genuine interest and I never feel rushed. He has created a warm and friendly environement."

Car allowance increase ‘welcome news’

Share this article:

Professional accounting bodies have backed an increase to the cents-per-kilometre deduction rate for car expenses effective 1 July.

Earlier this month, ATO Deputy Commissioner of Taxation Ben Kelly confirmed the cents-per-kilometre deduction rate for car expenses would be lifted to 78¢, rather than 75¢ as initially promised in mid-March.

The new rate applies to eligible taxpayers who elect to use the cents-per-kilometre method when calculating income tax deductions for their work-related car expenses.

“The Commissioner of Taxation has determined that the rate is 78 cents per kilometre and applies to eligible taxpayers who elect to use the cents per kilometre method when calculating income tax deductions for their work-related car expenses,” Mr Kelly said.

“This rate applies to the income year commencing 1 July 2022 and remains applicable to subsequent income years until such time as the Commissioner of Taxation, having regard to subsection 28-25(5), determines that it should be varied.”

The move to 78¢ comes after the ATO was criticised after saying it’d lift the deduction to 75¢ from July in mid-March – with many noting it’d leave millions of taxpayers short-changed and did not reflect the stark rise in petrol prices in 2022.

“It’s not reflective of the bowser price,” said Tony Greco of the IPA at the time. “Fuel has almost gone up 50 per cent since December. It’s got to be more than 3c just based on simple mathematics.

“It certainly looks undercooked.”

Mr Greco said the new rate of 78¢ was more suitable.

“Given the experience people are facing at the petrol pump, this is most welcome news,” he said.

“We made a submission that the proposed rate was not reflective of current circumstances as it was based on outdated data i.e. December quarter 2021.

“Motorist are going to need all the support they can get especially when the reduced excise is taken away at the end of September 2022.”

Senior manager of tax policy at CPA Australia, Elinor Kasapidis, said the professional accounting body is pleased to see the ATO implement the new rate however noted it must remain wary of additional pressures facing taxpayers.

“It’s good that the ATO has been responsive to the sharp rise in fuel prices and upgraded the rate. However, with future prices expected to increase even further, will it be enough?” Ms Kasapidis said.

“It’s important the ATO continues to monitor prices and potentially update the rate throughout the year.

“Tax agents should still consider the actual cost method as this alternative may provide a much better outcome for their clients. It’s important clients keep records and receipts so tax agents can determine the most appropriate method.”

 

 

 

Emma Ryan
28 June 2022
accountantsdaily.com.au

Want to know more?

Do you have a question about something you've read in this article? Need more information? Want to book an appointment? Simply let us know below and we'll get back to you ASAP.

Share this article: