Category: Tax

Cf Debt Recovery
Small Business, Tax

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.

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Jk Ato Chases $172bn
Small Business, Tax

ATO chases $172bn in undeclared contractor income

The ATO has urged businesses to come clean on $172 billion worth of payments to contractors as it gets tough on non-compliance with the taxable payments reporting system.

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Ato’s Good Faith Approach To Crypto Won’t Last Much Longer. Image Andrew (march).
Tax

ATO’s good-faith approach to crypto won’t last much longer

The ATO has upheld its good-faith approach to the accounting of cryptocurrencies, however it isn’t likely to last much longer.

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Fbt (63)
Small Business, Tax

FBT 2021: Tax & Employee Benefits

Fringe benefits tax (FBT) is one of Australia’s most disliked taxes because it’s cumbersome and generates a lot of paperwork. The COVID-19 lockdowns have added another layer of complexity as many work patterns and behaviours changed.

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JobKeeper 2.0
Tax

JobKeeper 2.0 – what you need to know

The JobKeeper scheme was originally going to run until 27 September 2020. JobKeeper has now been extended past this date, however the eligibility requirements for JobKeeper 2.0 are a little different.

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Minimum wage increases by 1.75%
Tax

Minimum wage increases by 1.75%

The Fair Work Commission has announced an 1.75% increase to minimum wage starting from the first full pay period after 1 July 2020.

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The risks early lodgers face
Tax, Uncategorized

The risks early lodgers face

Tax time is near, but the ATO is urging individuals to take extra time when preparing their tax return to minimise their risk of making a mistake.

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Covid 19 School Lockdowns And Remote Working. Stressed Man Trying To Work From Home With Bored Son
Tax

Working from home as an employee – what can I claim?

Times are changing from day to day, are you one the fortunate people who are able to continue in employment and work from home?

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Hanging File Folder Labeled With Salaries
Tax

Government Incentives for COVID-19 – Practical Example based on Employee $60K

This is a worked example on a really small business and the scenario sees Sammy’s Solar Installations Pty Ltd receive almost $40,000 in government incentives.

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Untitled Design (40)
Tax

ATO targets incorrect claims for ‘lifestyle’ assets

The ATO has requested insurance policy information from 30 insurers for lifestyle assets such as yachts, thoroughbred horses, and fine arts.

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Untitled Design (39)
Property, Tax

CGT and the family home: expats and foreigners excluded from tax exemption

Late in 2019, legislative changes were made that exclude non-residents from accessing the main residence exemption.

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Coronavirus Virus Outbreak
Tax

COVID-19 Second $66.1bn Stimulus Package: What you need to know

On Sunday 22 March, 2020 the Government released a second, far reaching $66.1 bn stimulus package that boosts income support payments, introduces targeted changes to the superannuation rules, provides cash flow support of up to $100,000 for small business employers, and relaxes corporate insolvency laws.

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