Category: Tax

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Blog, Community Support, Small Business, 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.

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Blog, Small Business, Tax

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.

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Blog, Small Business, Tax

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.

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Blog, Small Business, Tax

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.

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Blog, Tax

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.

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Blog, Tax

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.

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Cryptocurrency, Tax

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.

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Tax

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.

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Small Business, Tax

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.

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The Balancing Act Budget Federal Budget 2021 22
Tax

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.

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Tax

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.

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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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