Category: Tax
Business in a post pandemic environment
Countries that have experienced the worst of the pandemic give Australian businesses an insight into what to expect in a post-lockdown environment.
No more dodging tax: New share economy reporting rule set to begin
The individuals who participate in the share economy such as Uber, Deliveroo & Airbnb will no longer be able to escape their tax obligations as the government determines the implementation of a legislation for a new compulsory reporting regime.
The ATO have extended the STP finalisation due date
Businesses have been given extra time to submit their Single Touch Payroll finalisation declaration this year as the ATO acknowledges the continuing impacts of COVID-19.
Employers exempt from FBT for retraining employees
Employers who deliver training to employees who are to be made redundant will now be exempt from fringe benefits tax after the legislation passed through Parliament.
Am I taxed on an insurance payout?
Australia has had its fair share of disasters over the last few years – drought, bushfires and floods – that have ramped up the volume of insurance claims. Most people would assume that if and when they need to claim on their insurance, the insurance payout covers the damage and is not income assessed for tax purposes – but this is not always the case.
Work from home expenses under scrutiny & the perils of browsing Facebook
If you worked from home during lockdown and spent money on work related items that were not reimbursed by your employer, you might be able to claim some of these expenses as a deduction – but not everything you purchase can be claimed.
ATO sheds light on crypto compliance focus
The Australian Tax Office has issued guidance on accurately accounting cryptocurrency transactions during tax time. It noted that it will be looking to make sure that all crypto capital gains are reported correctly.
From the Trenches Podcast: Pat Mannix chats about Trusts, SMSF’s & the comparison of service between Cotchy Vs Xero
Like most accountants, Pat Mannix is passionate about what matters to his business, and his clients.
In this ‘From the Trenches’ podcast, he chats about: the benefits of Family Trusts, accountants advising on SMSF’s and the service clients get.
SGC going to 10% on 1 July 2021
When the compulsory SG contribution payments are increased to 10%, you will need to alter your payroll systems to pay the new increased rate to your eligible employees.
2021-22 Federal Budget – The Balancing Act Budget
There’s something for everyone in the 2021-22 federal budget! Big Cash Flow for Business Investments in Assets, Reduced Company Tax Rate, Low Income Offset to Continue, Residency Rules more objective, Positive Superannuation Changes and more.
The Tax Handling of Cryptocurrencies in Australia
Cryptocurrency has been the term on everyone’s mind lately, the ATO is figuring out how to be sure that investors and traders aren’t dodging their taxation responsibilities.
Penalties will recommence: ATO restarting debt recovery action
Taxpayers defaulting on tax debts and lodgement requirements can soon expect contact from the ATO as it confirms the recommencement of its compliance actions in the wake of JobKeeper concluding.