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The ATO is focusing on four major concerns this tax season when it comes to rental properties. Concern 1: Include ...
The Federal Court has agreed with the ATO that a lecturer providing services to a higher education provider was a ...
When a trustee of a trust makes a decision to create an entitlement to income of the trust in favour ...
In recognition of the risks associated with more infectious new Covid-19 variants through the winter period, the Federal Government has ...
The ATO announced that it will be focussing on the following matters for small business tax returns for the 2021/22 ...
The ATO has observed an increase in the number of SMSFs that fail to lodge their first annual return and ...
The ATO has updated the cents per kilometre rate relating to individual car expenses for the 2023 income year to ...
The ATO is warning taxpayers to not engage in ‘asset wash sales’ to artificially increase their losses to reduce gains ...
From 1 July 2022, people aged 60 years and over will be eligible to make downsizer contributions of up to ...
The due date for employers to make super guarantee contributions for their employees for the June 2022 quarter is 28 ...
The ATO has announced four key areas that it will be focusing on for Tax Time 2022: Record-keeping. ...
Taxpayers are reminded not to make the mistake of ‘double dipping’ on deductions (that is, claiming expenses twice) in their ...
As the new financial year approaches, employers need to be aware of two important super changes. From 1 July 2022, ...
Due to “unavoidable delays caused by improvements to” its systems, the ATO will start issuing requests to release excess contributions ...
Taxpayers are being warned to be on the lookout for dodgy online ads, often on social media platforms, promising easy ...
Single Touch Payroll (‘STP’) reporting has been expanded. This expansion, known as ‘STP Phase 2’, means that employers will need ...
An event that we have become accustomed to every 1 April, is that the amount of the Private Health Insurance ...
The ATO is in the process of writing to taxpayers that may be eligible to have their tax debts disclosed ...
The High Court has rejected a taxpayer’s attempt to disclaim an interest in trust income that arose as a result ...
Low and Middle Income Tax Offset A measure that will no doubt be beneficial for individual taxpayers is the increase ...
Employers are reminded that their SG obligation for the 1 January 2022 to 31 March 2022 quarter is due by ...
The ATO has proposed for individual taxpayers that use the cents per kilometre method when calculating tax deductions for their ...
If you have been claiming the JobMaker Hiring Credit, please be aware that the ATO will now calculate an adjusted ...
Individuals can now re-contribute amounts they withdrew under the COVID-19 early release of super program without the re-contribution counting towards ...
The Taxable payments annual report (‘TPAR’) must be lodged by 28 August each year. Taxpayers who operate in certain industries ...
After much speculation, the Government announced that COVID-19 tests, including Polymerase Chain Reaction (‘PCR’) and Rapid Antigen Tests (‘RATs’), will ...
A plethora of superannuation law tweaks has recently been made (via recent legislative reforms) which include: Removing the $450 ...
As announced in the 2020/2021 Federal Budget, legislation has now passed to allow eligible corporate entities (i.e., with, amongst other ...
Trustees of SMSFs have been put on notice by the ATO that keeping and maintaining good records is one of ...
As of 30 June 2021, SMSFs have been reported as making up 25% of all super assets (i.e., $822 billion ...
Small businesses are to be afforded the ability to apply to the Small Business Taxation Division of the Administrative Appeals ...
The ATO has advised it is in the process of shifting from its previous engagement and communication focus on Single ...
As many of you will already be aware, David Livingstone, our founder and one of our fearless leaders, will officially ...
The ATO has reminded taxpayers that it has a range of support available for small businesses experiencing difficult situations, such ...
The Government has recently extended the SME Recovery Loan Scheme by a further six months (to 30 June 2022) to ...
The ATO has reminded employers to consider their tax and super obligations when employees are provided with incentives or rewards ...
As we recently communicated, the High Court has held that the ‘working holiday maker tax’ (also known as the ‘backpackers ...
The ATO has extended the Single Touch Payroll (‘STP’) reporting exemption available to entities that have a withholding payer number ...
The JobKeeper rules have been amended to ensure the ATO can make payments to certain taxpayers after 31 March 2022. ...
The ATO is reminding employers that, as of 1 November 2021, there is an extra step they may need to ...
The ATO is reviewing Australian business numbers (‘ABNs’) to identify potentially inactive ABNs for cancellation, and it has introduced a ...
The High Court has held that the ‘working holiday maker tax’ (also known as the ‘backpackers tax’) did not apply ...
Scamwatch is warning that scams cost Australian consumers, businesses and the economy hundreds of millions of dollars each year and ...
The ATO has issued a reminder to businesses that paying regular attention to their record-keeping and reporting tasks will help ...
The ATO has advised it will acquire Medicare Exemption Statement (‘MES’) data relating to approximately 100,000 individuals from Services Australia ...
At Participating Somerville Retailers Please support all our local businesses by coming into Somerville increasing the foot traffic in all ...
As part of its Digital Business Plan, the Government announced the full implementation of the ‘Modernising Business Registers’ program. This ...
Taxpayers can vary their pay as you go (‘PAYG’) instalments throughout the year if they think they will pay too ...
The Government has introduced into Parliament a Bill to permanently allow companies to use technology to meet their regulatory requirements, ...
The ATO will acquire government payments data from government entities who administer government programs for 2017/18 to 2022/23 financial years. ...
The ATO will acquire transaction report information data from AUSTRAC for the period of 17 June 2021 through to 30 ...
Employers may soon need to do something extra when a new employee starts to work for them. Currently, if a ...
As part of the expansion of Single Touch Payroll (known as STP Phase 2), from 1 January 2022, employers will ...
With the growth of micro-investment platforms helping new investors enter the market, the ATO has issued a reminder for first-time ...
The ATO is currently reviewing certain arrangements where Australian taxpayers seek to disguise undeclared foreign income as a gift or ...
The ATO is providing additional support to taxpayers having difficulty meeting their tax and superannuation guarantee charge obligations for employees ...
The Paid Parental Leave (‘PPL’) scheme has been amended to enable expectant parents whose work has been affected by COVID-19 ...
Under the Superannuation Guarantee (‘SG’) scheme, employers are required to make quarterly contributions on behalf of their employees. From 1 ...
The Government has passed legislation renewing the temporary relief that allows companies to use technology to meet regulatory requirements under ...
The Government is providing additional support to small and medium sized businesses (‘SMEs’) by expanding eligibility for the SME Recovery ...
In 2019/20, over 1.8 million Australians owned rental properties and claimed $38 billion in deductions, so the ATO is reminding ...
The ATO has recently issued approximately 30,000 Division 293 assessments for the 2018/19 and 2019/20 financial years. Editor: Division 293 ...
The ATO has released a Ruling explaining: when an employee can deduct accommodation and food and drink expenses ...
The JobMaker Hiring Credit scheme’s third claim period is now open, so if a taxpayer has taken on additional eligible ...
The ALP has formally announced that, if elected to Government, they will deliver “the same legislated tax relief . . ...
From 1 July 2021, the superannuation contributions caps have been indexed for the 2022 income year. The new concessional contributions ...
The Division 7A benchmark interest rate for the 2022 income year remains unchanged from the 2021 rate of 4.52%. Ref: ...
Employers should have already been reporting through Single Touch Payroll (‘STP’) unless they only have closely held payees, or they ...
The maximum super contributions base is used to determine the limit on any individual employee’s earnings base for superannuation guarantee ...
Treasury has released draft legislation introducing the long-awaited third party reporting regime (proposed to apply from 1 July 2022). The ...
2021 TPARs are due to be lodged for businesses who have paid contractors to provide the following services: building ...
Recent legislative amendments mean that employers who provide training or education to redundant (or soon to be redundant employees) may ...
Last week we caught up with Melanie Such from Atlas Broker to share her first insurance presentation to our team, ...
The due date for employers to make super guarantee contributions for their employees for the June 2021 quarter is 28 ...
Editor: Under a complying Division 7A loan from a private company, the borrower must make minimum yearly repayments (‘MYR’) before ...
The ATO has provided updates regarding the tax implications when a landlord gives, or a tenant receives, rent concessions (such ...
The ATO knows that many taxpayers are facing lasting impacts left in the wake of natural disasters, so if they ...
Since February 2020, the ATO has been issuing alerts via email and SMS when certain changes are made to a ...
The ATO has confirmed that the following interest rates charged under a limited recourse borrowing arrangement (‘LRBA’) to an SMSF ...
The ATO has advised that it will engage in two new data matching programs, as outlined below: – the ATO ...
What does this mean for you:- Single Touch Payroll (STP), is an Australian Government initiative to reduce employers’ reporting burdens ...
The ATO is concerned that many taxpayers believe their cryptocurrency gains are tax-free, or only taxable when the holdings are ...
The Government has announced an extension of the temporary reduction in superannuation minimum drawdown rates for a further year to ...
The super guarantee rate will rise from 9.5% to 10% on 1 July 2021, so businesses with employees will need ...
The ATO is alerting taxpayers that its sights are set on work-related expenses like car and travel claims that are ...
The ATO has reminded individuals receiving Child Care Subsidy and Family Tax Benefit payments from Services Australia that they and ...
The ATO has advised employers intending to claim a tax deduction for super payments that they make for employees in ...
The car parking threshold for the FBT year commencing on 1 April 2021 is $9.25. This replaces the amount of ...
The ATO has updated the luxury car tax (‘LCT’) thresholds for the 2021/22 financial year. The LCT threshold for fuel ...
The ATO has advised that it will engage in two new data matching programs dealing with property transactions, as outlined ...
During the latter half of the 2020 year the State Revenue Office (SRO) announced two relief measures relating to 2021 ...
In light of the circuit breaker restrictions announced on 27 May 2021, the Victorian Government has launched the $250 million ...
The ATO has confirmed that, from 1 July 2021, the superannuation concessional and non-concessional contribution caps will be indexed. The ...
The ATO will access data from the Department of Home Affairs on passenger movements during the 2016/17 to 2022/23 financial ...
The ATO has advised that, if a business hasn’t used its ABN for a while, the ATO may contact them ...
Following a successful multi-year pilot, the ATO’s small business independent review service will be offered permanently as a dispute resolution ...
The ATO is using its compliance resources to maintain the integrity of the JobKeeper measure. While most businesses and employees ...
The Government has committed to modernising certain laws so that they are ‘technology neutral’, to enable easier communication between businesses, ...
The term cryptocurrency is generally used to describe a digital asset in which encryption techniques are used to regulate the ...
The ATO has advised that the final JobKeeper payment will be processed in April 2021. Enrolled businesses do not have ...
On 24 March 2021, the Full Federal Court handed down its decision in a case concerned with the requirement that ...
A person claiming to be a sole trader was convicted of three counts of making a false and misleading statement ...
The ATO has confirmed that more than 60,000 businesses have not yet complied with lodgment requirements under the taxable payments ...
The ATO has updated its webpage containing the fringe benefits tax (‘FBT’) rates and thresholds for the 2017/18 to 2021/22 ...
The ATO has recently identified a new scheme where SMSF trustees were informed that they could set up a new ...
The Australian Small Business and Family Enterprise Ombudsman, in conjunction with Family Business Australia, has released a new online guide ...
The superannuation guarantee (‘SG’) amnesty ended on 7 September 2020. Employers who disclosed unpaid SG amounts and qualified for the ...
The ATO has previously advised that it will no longer issue paper activity statements after electronic lodgment. Instead, electronic activity ...
Small employers (19 or fewer employees) are currently exempt from reporting ‘closely held’ payees through Single Touch Payroll (‘STP’). Also, ...
It appears that the Government has decided not to proceed with its proposal to limit cash payments in Australia to ...
The JobMaker Hiring Credit is being administered by the ATO and provides a wage subsidy payment directly to employers as ...
The ATO has announced it will engage in the following data-matching programs: – it will acquire motor vehicle registry data ...
The ATO has made a determination to ensure that trustees of SMSFs do not inadvertently breach the “in-house asset rules” ...
On 21 December 2020, the AAT handed down its decision in a case relating to a taxpayer’s eligibility for JobKeeper ...
The ATO has extended (again) the ability to utilise the “shortcut rate” for claiming home office running expenses to 30 ...
The Government has provided an update of a number of new measures which came into effect from 1 January 2021, ...
The JobKeeper Extension 2 is set to start from Monday 4 January 2021. If you are eligible for JobKeeper Extension 2, these ...
The government will expand eligibility for the temporary ‘full expensing measure’, which temporarily allows certain businesses to deduct the full ...
The government has passed legislation to establish the JobMaker Hiring Credit, which is part of the government’s economic response to ...
The ATO will acquire visa data from the Department of Home Affairs for 2020/21 through to 2022/23, relating to approximately ...
The ATO is warning taxpayers who may be thinking about pausing, changing or closing their business, due to the current ...
Single Touch Payroll (‘STP’) allows the ATO to share data in real-time with other government agencies, to “help them deliver ...
The government has announced it will introduce an exemption from FBT for retraining and reskilling benefits provided by employers to ...
Editor: The margin scheme may allow a property owner to pay less GST when they sell the property — paying ...
The Australian Prudential Regulation Authority (‘APRA’) has confirmed that, where an employer is receiving the JobKeeper wage subsidy for an ...
The ATO understands the way some businesses operate has been impacted as a result of COVID-19. Some of these impacts ...
The Government has made another determination extending the timeframe within which companies can hold meetings electronically and enabling electronic signatures ...
Given that many Australians continue to work from home due to COVID-19, the ATO has updated its Practical Compliance Guideline ...
Many lenders have recently allowed borrowers with investment property loans to defer repayments for a period of time. While repayments ...
The ATO has now updated the tax withholding schedules to reflect the 2020/21 income year personal tax cuts — the ...
The Government announced various tax measures in the 2020 Budget on 6 October 2020, and it was able to secure ...
In a decision of the Administrative Appeals Tribunal, a taxpayer, Mr Bell, was a denied a deduction for $21,565.73 of ...
Broadly, JobKeeper Payments received by an employer are assessable income to the employer. Likewise, the payments an employer subsequently makes ...
Regulations that extend the time frame of the special condition of release to access $10,000 from superannuation for individuals experiencing ...
Additional recently implemented JobKeeper changes mean more employees will qualify for JobKeeper payments from 3 August 2020. This is primarily ...
On 21 July 2020, the Government announced that the JobKeeper Payment (‘JKP’) would be extended until 28 March 2021 (i.e., ...
Speaking of the superannuation guarantee, time is rapidly running out for employers to apply for the SG amnesty and catch ...
Recently, arguments both for and against increasing the rate of compulsory superannuation guarantee (‘SG’) have continued to be tossed around! ...
Back in April 2020 the ATO announced that a ‘shortcut’ method was to be made available to use from 1 ...
From 28 September 2020 to 3 January 2021, the JobKeeper Payment rates will be: – $1,200 per fortnight for all ...
Sadly, many Australian businesses are a long way from trending back to ‘normal’ as we approach 27 September 2020, the ...
The ATO has announced some limited relief for private companies that have loans to their shareholders or related parties that ...
The federal government has registered the Superannuation Guarantee (Administration) Amendment (Jobkeeper) Payment Regulations 2020. These regulations ensure that amounts of ...
Treasury Laws Amendment (2019 Measures No 3) Bill 2019 Treasury Laws Amendment (2019 Measures No 3) Bill 2019 has passed ...
Treasury Laws Amendment (2020 Measures No 3) Bill 2020 Treasury Laws Amendment (2020 Measures No 3) Bill 2020 has passed ...
Property investors and businesses will often engage a specialist quantity surveyor to prepare a tax report on capital works and ...
The ATO has issued guidance to help employers reporting eligible employees and JobKeeper top-up payments through Single Touch Payroll (‘STP’). ...
The ATO has issued a reminder to employers who report through Single Touch Payroll (‘STP’) – which should be all ...
Businesses that have enrolled in the JobKeeper Scheme and identified their eligible employees are reminded that they will need to ...
As the situation around COVID-19 continues to develop, the ATO understands many employees are now working from home. To make ...
As a result of the financial effects of the COVID-19 pandemic, some self-managed superannuation funds (‘SMSFs’) which own real property ...
A major part of the Government’s response to the Coronavirus (or ‘COVID-19’) pandemic is the ‘JobKeeper Payment’ Scheme. The JobKeeper ...
The ATO has provided employers with a recent reminder that, from 1 January 2020, there has been a legislative change ...
A new ‘vacant land’ measure limits the deductibility of costs incurred on or after 1 July 2019 (i.e., from the ...
On 6 March 2020, the government introduced a superannuation guarantee (‘SG’) amnesty. This amnesty allows employers to disclose and pay ...
The government recently passed new legislation designed to strengthen laws to “crack down on illegal phoenixing activity by dodgy business ...
The Government has announced a number of economic responses to the Coronavirus (or ‘COVID-19’) pandemic, including economic stimulus packages worth ...
The ATO will also implement a series of administrative measures to assist Australians experiencing financial difficulty as a result of ...
The ATO has reminded taxpayers in a property business or thinking about investing in property that there are things they ...
Updated 23/03/2020 On the 12/03/2020, the government announced an “Economic Response” to the continuing Coronavirus outbreak. These have since been ...
As of 18 February 2020, GST has been added to the current Director Penalty Notices (DPN) regime. From then, Directors ...
Whether you are in business or not, understanding your spending is critical. In fact, for small business owners, planning and ...
Before we go on it is important to preface this article by acknowledging that we are not financial planners and ...
The 2019 election was, if nothing else, an interesting one. As Bill Shorten and Sportsbet (paid out $5.2 million after ...
Accounting software these days can be pretty damn efficient! As much potential that your software has, it’s normally only as ...
Written by Luke Wade It seriously worries me when people neglect their super! Sadly, whether you’re self-employed or not, super ...
Written by Luke Wade Accountants have been banging on about ‘cloud’ accounting software for the best part of a decade. ...
Whether you like it or not, Single Touch Payroll (STP) is coming; and when it does, it’ll be here to ...
Written by Peter Beckett I’m obviously an Accountant by profession. This means that I spend the majority of my working ...
Written by Peter Beckett As a tax agent, over the past 30-odd years (it hurts me to write that), I ...
Just last week the government announced new legislation which provides a 12-month amnesty period for employers to self-correct prior super ...
