Category: 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.
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.
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.
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.
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.
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.
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.
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?
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.
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.
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.
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.