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The ATO has reported that some businesses are making simple mistakes reporting their GST, and has reminded taxpayers to avoid the following common GST reporting errors:
The ATO has identified 26,000 taxpayers who have claimed deductions during tax time 2018 for travel to their investment residential rental properties, despite recent changes to the tax laws that disallow such claims.
From mid-October 2018, the ATO has started issuing excess concessional contributions (ECC) determinations for the 2017–2018 financial year.
The ATO has recently provided information about how the tax system applies for someone who receives compensation from a financial institution that provided inappropriate advice and/or did not provide advice it should have.
From 1 July 2017, non-business travel costs incurred by individuals, self managed super funds (SMSFs) and “private” trusts and partnerships in relation to residential rental properties are not deductible (s 26-31 of the Income Tax Assessment Act 1997).
The Treasury Laws Amendment (Lower Taxes for Small and Medium Businesses) Bill 2018 was introduced into and passed by the House of Representatives on 16 October 2018 and passed by the Senate on 18 October 2018.
Prime Minister Scott Morrison has announced that the Government will bring forward its planned tax cuts for small business by five years.
The Government has released draft legislation and regulations to give effect to its 2018–2019 Federal Budget measure to provide a one-year exemption from the work test for superannuation contributions made by recent retirees aged 65–74 who have total superannuation balances less than $300,000.
Activities involving electronic sales suppression tools (ESST) and that relate to people or businesses with Australian tax obligations are now legally banned, effective from 4 October 2018.
The ATO expects that 200,000 individuals could miss out on a tax refund this year by failing to lodge a return.
After more than 18 months of extensive research and consultation, the Institute of Public Accountants (IPA) and the IPA Deakin SME Research Centre have released the second edition of the Australian Small Business White Paper.
On 30 August 2018, ATO Assistant Commissioner Superannuation Tara McLachlan gave a speech on Administration issues under the transfer balance cap at the Tax Institute Sixth National Superannuation Conference.
In the opening address to the Chartered Accountants Australia and New Zealand National Self Managed Superannuation Fund (SMSF) Conference in Melbourne on 18 September 2018, James O’Halloran, ATO Deputy Commissioner, Superannuation, shared some observations and advice from the ATO’s perspective as regulator for the SMSF sector.
The Treasury Laws Amendment (Accelerated Depreciation for Small Business Entities) Bill 2018 has now passed through both houses of Parliament without amendment.
The report of the House of Representatives Standing Committee on Tax and Revenue into Taxpayer Engagement with the Tax System has been tabled.
ATO Assistant Commissioners Superannuation Tara McLachlan and Dana Fleming recently spoke at the Self Managed Superannuation Fund (SMSF) Association Technical Days in various capital cities.
On 24 August 2018, the Royal Commission into banking, superannuation and financial services misconduct released the closing submissions setting out possible contraventions by certain superannuation entities.
The ATO has announced that public examinations started in a Federal Court matter on 27 August 2018 in relation to a group of entities connected to a pre-insolvency advisor.
This year, the ATO has launched its biggest ever education campaign to help taxpayers get their tax returns right. The ATO says the campaign, which is running throughout tax time, includes direct contact with over three million selected taxpayers, as well as specialised guides and toolkits for taxpayers, agents, employers and industry bodies.
GST Ruling GSTR 2018/1, issued on 22 August 2018, sets out the ATO’s view on when supplies of real property are connected with the indirect tax zone (ie Australia) under s 9-25(4) of the A New Tax System (Goods and Services Tax) Act 1999 (GST Act).
The legislative logjam in Federal Parliament is affecting the implementation of a wide range of tax measures, and the ATO is having to implement practical work-arounds for the measures.
Law Companion Ruling LCR 2018/5, issued by the ATO on 15 August 2018, provides guidance on the First Home Super Saver (FHSS) scheme.
The Senate Economics Legislation Committee has released its report into the Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018 and recommended that the Bill be passed.
The Australian Prudential Regulation Authority (APRA) has released its submission in response to the Productivity Commission’s draft report on superannuation efficiency and competitiveness.
The ATO has reminded taxpayers that they need to lodge a tax return for a financial year in which they exceed their non-concessional contributions cap, and may have to pay extra tax.
On 20 July 2018, the Treasurer released draft legislation to ensure offshore sellers of hotel accommodation in Australia calculate their goods and services tax (GST) turnover in the same way as local sellers from 1 July 2019.
The median “growth” superannuation fund delivered a healthy investment return of 9.2% for 2017–2018, with the top spot going to Hostplus with a return of 12.5%, according to superannuation ratings and research firm Chant West
KPMG has released a submission in response to the Treasury position paper on the proposed retirement income covenant announced as part of the 2018–2019 Budget.
On 9 July 2018, the Board of Taxation publicly released its initial report on its review of Australia’s individual income tax residency rules.
The ATO has warned taxpayers to be on “high alert” for tax-related scams.
From 1 July 2018, the ATO is running a 12-month pilot to extend its independent review service to certain small business taxpayers.
The ATO has issued a warning to be aware of scammers who promise to organise access to people’s retirement savings for a fee.
The government on 29 June 2018 officially launched the new stand-alone Business Registration Service, providing a simpler and clearer way to register a business.
With the self managed superannuation fund (SMSF) annual return lodgment deadline upon us, minds should have already turned to meeting compliance requirements. The 2016–2017 financial year includes a few twists and turns which trustees should factor in to avoid late lodgement.
On 29 May 2018, the Productivity Commission released a draft report recommending changes to improve the superannuation system by addressing unintended multiple accounts and default funds that under perform.
The term “black economy” refers to people and businesses who operate outside the tax and regulatory systems, or who are known to the authorities but do not correctly report their tax obligations.
Amendments contained in the Treasury Laws Amendment (2018 Measures No 1) Act 2018 require purchasers of newly constructed residential properties or new subdivisions to remit GST directly to the ATO as part of settlement.
This tax time, the ATO will be closely examining claims for work-related clothing and laundry expenses.
The Government’s seven-year personal income tax reform plan passed Parliament on 21 June 2018 intact after the Senate did not insist on earlier amendments that would have removed the third step from the plan.
The ATO reports that a record number of tax returns were finalised in the first two months of tax time this year, thanks to the ATO’s data prefilling arrangements and correction of mistakes using analytics and data-matching.
The ATO has started issuing excess transfer balance (ETB) tax assessments to self managed super fund (SMSF) members, or their agents, who had previously received an ETB determination and rectified the excess.
Kelly O’Dwyer has announced the authorisation of Australian Financial Complaints Limited to operate the new financial dispute resolution scheme – the Australian Financial Complaints Authority (AFCA) – which will start accepting complaints from 1 November 2018.
From 1 July 2018, GST will be imposed on the supply of goods valued at equal to or less than A$1,000 (ie low value goods) from outside of Australia to Australian consumers.
On 4 May 2018, the Government released its response to the Senate Economics References Committee report into penalties for corporate and financial misconduct and agreed to increase the civil penalties.
With effect from 1 July 2017, the Treasury Laws Amendment Act 2017 introduced s 26-31 into the Income Tax Assessment Act 1997 to disallow deductions for non-business travel costs incurred by individuals, self managed superannuation funds and “private” trusts and partnerships in relation to residential rental properties.
More than 100 Australians have been identified as “high risk” and requiring further ATO investigation because they have links to Swiss banking.
The ATO has announced that it will be closely examining claims for work-related car expenses in 2018 tax returns.
The ATO has called on employers with 20 or more employees to start preparing now for the Single Touch Payroll (STP) reporting regime, which will be mandatory from 1 July 2018.
The ATO has issued a fact sheet explaining its compliance approach to employers who fail to meet their superannuation guarantee (SG) obligations.
The concessional contributions cap for 2018–2019 is $25,000 for members of all ages (unchanged from 2017–2018).
The foreign resident capital gains tax (CGT) withholding regime requires a purchaser of certain Australian property to withhold an amount from the purchase price.
The ATO has released its latest small business benchmarks, providing over 100 different industries with average cost of sales and average total expenses.
The government has released exposure draft legislation to ensure that a superannuation reversionary transition to retirement income stream (TRIS) will always be allowed to automatically transfer to eligible dependents on the death of the primary recipient.
The Federal Court has ruled that pay-as-you-go (PAYG) amounts were “withheld” from a taxpayer’s salary.
A Bill has been introduced to amend the A New Tax System, requiring purchasers of new residential premises and new subdivisions of potential residential land to remit the GST on the purchase price directly to the ATO as part of the settlement process.
Treasury has released draft legislation aimed at ensuring that taxpayers will only be able to access the small business capital gains tax.
The black economy includes people who don’t correctly report and meet their tax obligations, and people who operate entirely outside the tax and regulatory system.
Treasury has released draft legislation aimed at ensuring that taxpayers will only be able to access the small business capital gains tax concessions for assets that are used (or held ready for use) in the course of a small business or are an interest in a small business.
The ATO reminds taxpayers that from 1 July 2017, the spouse’s income threshold will increase to $40,000.
Draft Taxation Ruling TR 2017/D8 explains the methods that taxpayers can use to return income derived, and recognise expenses incurred, in long-term construction projects (that is, projects that straddle two or more income years).
The Government has introduced legislation to impose goods and services tax (GST) on supplies of imported goods worth less than $1,000. The measures are scheduled to commence on 1 July 2017.
The Administrative Appeals Tribunal (AAT) has affirmed the ATO’s decision that income a taxpayer earned working for the United States Army in Afghanistan is not exempt from Australian income tax under s 23AF of the Income Tax Assessment Act 1936 (ITAA 1936).
Not surprisingly, the ATO has moved quickly to state its views on the implications of the recent Federal Court decision regarding Uber.
The Administrative Appeals Tribunal (AAT) has confirmed that a mechanical engineer with a PhD qualification was not entitled to deductions for various work-related expenses of approximately $60,000 that he claimed in the 2014 tax year.
A taxpayer has failed in his claim for deductions for overtime meal expenses, because he was not paid an allowance under an industrial agreement.
The ATO places a high priority on resolving disputes early, including through settlements where appropriate.
The ATO has announced a new data-matching program involving ride-sourcing providers.
The ATO has advised that employer registration re working holiday makers has been extended to 31 January 2017. Employers employing working holiday makers will not be penalised as long as they register by 31 January 2017. They can still use the new withholding tax rate of 15% from 1 January 2017.
Did you know that a finance subsidy of 0.70% is available for equipment that meets Clean Energy Finance Corporation (CEFC)?
On 20 December 2016, the ATO issued Taxation Ruling TR 2016/3 which sets out the deductibility of expenditure incurred in acquiring, developing, maintaining, or modifying a website for use in carry on a business.
Newly registered small businesses can lodge a simpler BAS from 19 January 2017.
The High Court has unanimously dismissed a taxpayer’s appeal and held that payments of US$160 million made to him pursuant to an incentive “profit participation plan” after termination of his employment was income according to ordinary concepts.
The ATO has issued a Practical Compliance Guideline which sets out the Tax Commissioner’s compliance approach, in the context of GST, to entities that enter into countertrade transactions as part of carrying on their enterprise.
The ATO has advised that it will continue with the following data-matching programs.
In a long-running saga, the High Court has unanimously dismissed the appeals of four corporate taxpayers
The Administrative Appeals Tribunal (AAT) has affirmed the Commissioner’s decision to refuse a taxpayer’s deduction claim for certain work-related travel expenses.
The Tax and Superannuation Laws Amendment (2016 Measures No 2) Bill 2016 has been introduced in the House of Representatives. The Bill proposes to amend ITAA 1997 to allow primary producers to access income-tax averaging 10 income years after choosing to opt out, instead of that opt-out choice being permanent.
An individual has been unsuccessful before the Administrative Appeals Tribunal (AAT), where he argued that he was an itinerant worker and was therefore entitled to claim tax deductions for travel expenses of some $38,000 for the 2011–2012 income year.
In a media release on 31 October 2018, Assistant Treasurer Stuart Roberts announced that the Government will make technical changes to the superannuation tax law to address some minor but important issues, as part of the ongoing super reforms.
Taxation Determination TD 2018/15, issued on 31 October 2018, considers the CGT consequences of granting an easement, profit à prendre or licence over an asset.
On 1 November 2018, the ATO issued Super Guidance Note SPR GN 2018/1 to provide general information about the First Home Super Saver (FHSS) scheme.
The ATO issued the following products on 7 November 2018 to provide guidance on the recently enacted downsizer superannuation contributions measure
Although tax time 2018 is over, the ATO has warned taxpayers and their agents to remain on high alert for tax scams.
The Government has announced that it will establish a $2 billion Australian Business Securitisation Fund.
The Government has announced that it will develop an electronic information-sharing mechanism between the ATO and the Family Law Courts to allow superannuation assets held by relevant parties during family law proceedings to be identified swiftly and more accurately.
To help reduce the regulatory burden on businesses, including the tax burden, Assistant Treasurer Stuart Robert has announced that the Federal Government has allocated $1 million to set up 10 tax clinics under a trial program based on the Curtin University Tax Clinic.
The Federal Government has created a new opportunity for some recent retirees to make additional superannuation contributions.
The ATO has begun issuing determinations for excess concessional contributions (ECC) of superannuation for the 2017–2018 financial year.
Assistant Treasurer Stuart Robert says the Federal Government has asked the Board of Taxation to undertake a review of the tax treatment of “granny flat” arrangements, and to recommend potential changes.
In late 2018, Assistant Treasurer Stuart Robert announced that the Federal Government intends to make it easier, cheaper and quicker for small businesses to resolve tax disputes with the ATO.
The ATO has issued tips for avoiding common errors when reporting net small business income and claiming the small business income tax offset for unincorporated small businesses.
On 16 January 2019, the ATO released an updated version of Practice Statement PS LA 2001/6, its guidance on calculating and substantiating home office running expenses and electronic device expenses.
The Federal Government has announced that it will amend the law to extend the concessional tax treatment for genuine redundancy payments and early retirement scheme payments to align with the Age Pension qualifying age.
The ATO says it is reviewing arrangements involving property developers acquiring land from government entities, specifically where the developer provides development works to the government entity as payment for the land.
Parliament has now passed legislation – the Treasury Laws Amendment (2018 Measures No 4) Bill 2018 – to bring in Single Touch Payroll (STP) reporting for all small employers (that is, employers with fewer than 20 employees) from 1 July 2019.
The government’s latest initiatives targeting non-compliance with superannuation guarantee obligations give businesses plenty to think about.
In a speech on 29 January 2019, Prime Minister Scott Morrison announced the government’s intention to increase the instant asset write-off already available for small businesses from $20,000 to $25,000.
The ATO is warning taxpayers to be alert for scammers impersonating the ATO, as they may change tactics in 2019.
The ATO has recently started referring taxpayers with overdue lodgment obligations to an external collection agency to obtain lodgments on the ATO’s behalf.
The Federal Government has released a consultation paper seeking views on the possible characteristics of a reporting regime to provide information on Australians who receive an income from sharing economy websites.
The Treasury Laws Amendment (2017 Enterprise Incentives No 1) Bill 2017 has finally been passed. The tax law changes under this Bill, which was originally introduced on 30 March 2017.
Fringe benefits tax (FBT) returns will soon be due and with the FBT season now in full swing, it’s vital for tax professionals and managers to have the latest information.
The Small Business Ombudsman, Kate Carnell, has announced that taxpayers wanting an external review of an adverse tax decision by the ATO through the Administrative Appeals Tribunal.
The ATO has released its latest small business benchmarks, providing over 100 different industries with average cost of sales and average total expenses.
Minister for Small and Family Business Michaelia Cash has asked the Australian Small Business and Family Enterprise Ombudsman (ASBFEO), Kate Carnell, to look into the ATO’s practices in pursuing early recovery of tax debts.
The Government has announced that Mr Robert Cornall, a former Secretary of the Attorney-General’s Department, will lead a review of the Scheme for the Compensation for Detriment Caused by Defective Administration.
Single Touch Payroll (STP) is a payday reporting arrangement where employers need to send tax and superannuation information to the ATO from their payroll or accounting software each time they pay their employees.
The ATO reminds businesses to be aware that under the current law, if they have missed a superannuation payment or haven’t paid employees’ super on time.
In a March 2019 address to the Tax Institute Convention, ATO Commissioner Chris Jordan spoke about the ATO’s release of the Individuals not in business tax gap information for the first time in July 2018.
The Administrative Appeals Tribunal (AAT) has decided that a property a small business owner used to store materials, tools and other equipment was an active asset for the purpose of the small business capital gains tax (CGT) concessions.
The ATO has advised that over the coming months it will be increasing its focus on the bulk Australian Business Number (ABN) cancellation program, to continue “to ensure the integrity of the Australian Business Register”.
The ATO has flagged FBT issues that are on its radar this year.
On 5 April 2019, the ATO released its long-awaited final ruling on when a company carries on a business for the purposes of...
The ATO has recovered around $100 million in unpaid superannuation from employers since the 12-month super guarantee (SG) amnesty was proposed on 24 May 2018.
The Treasury Laws Amendment (Increasing and Extending the Instant Asset Write-Off) Bill 2019 – introduced as Treasury Laws Amendment (Increasing the Instant Asset Write-Off for Small Business Entities) Bill 2019) – received Royal Assent on 6 April 2019 as Act No 51 of 2019.
The ATO has warned that it will double the number of audits scrutinising rental deductions this year.
The initial results of the ATO’s penalty relief initiative look positive.
According to the ATO, wealthy individuals are resident individuals who, together with their business associates, control net wealth of $5 million or more.
The Notice of Requirement to Lodge a Return for Income Year Ended 30 June 2019 has been registered.
While it is being reported that many businesses are not ready for Single Touch Payroll (STP) – one report suggests that 70% of small and medium-sized entities (SMEs) are not ready – employees of businesses that are operating STP face some changes.
With the end of the 2019 income tax year upon us, this issue of Client Alert draws attention to year-end tax planning strategies and compliance issues that taxpayers need to consider to ensure they are in good tax health.
In the 2019 Federal Budget, the government announced the following tax relief measures for low and middle-income earners and small businesses.
Review any salary packaging arrangements (eg for motor vehicles) to ensure they were entered into before the services have been performed by employees or before salary review time, so that they will be effective.
From 1 July 2016, the small business turnover threshold has increased from $2 million to $10 million.
Taxpayers must keep all relevant documents, usually for five years, to show that they have incurred the expense for which they are claiming a tax deduction.
The ATO has recently warned taxpayers to be alert to malicious scammers who are using increasingly sophisticated methods and technology to impersonate the ATO.
If tax agent clients' employers report through Single Touch Payroll (STP) and the clients are linked to ATO online services through myGov, the ATO will send them a myGov Inbox message to let them know.
The ATO has revealed some of the most common mistakes people make at tax time.
The Government has announced that it will lower the social security deeming rate from 1.75% to 1.0% for financial investments up to $51,800 for single pensioners and $86,200 for pensioner couples.
The Treasury Laws Amendment (Tax Relief So Working Australians Keep More Of Their Money) Bill 2019 was introduced on 2 July 2019.
In the 2019-20 Federal Budget, the Government announced its intention to change and build on the Personal Income Tax Plan.
The ATO has advised tax agents that it is currently emailing Single Touch Payroll (STP).
The ATO has released an employees' guide for work expenses to help employees decide whether their expenses are deductible, and what records they need to keep to substantiate them.
The ATO has clarified a number of issues around FBT and taxi travel.
In a Gazette notice on 5 July 2019, the ATO said it will acquire overseas movement data from the Department of Home Affairs (DHA) for individuals with an existing HELP, VSL or TSL debt.
The ATO says it has now collected over $250 million in additional GST since the GST on low value goods measure began on 1 July 2018, outstripping forecasts by $180 million.
The Assistant Treasurer, Michael Sukkar, has announced that older Australians downsizing from their family homes have contributed $1 billion to their superannuation funds.
Taxation Determination TD 2019/11, issued on 3 July 2019, sets out the amounts the Commissioner treats as reasonable for the 2019-20 income year in relation to employee claims.
The government’s Stay Smart Online website (www.staysmartonline.gov.au/) warns taxpayers that there is a surge in scammers impersonating trusted bodies like myGov and the ATO to trick people into giving them money or personal details.
The ATO says that $10 billion has been refunded to Australian taxpayers so far this tax time, an increase of over $2 billion from the same time last year, with most returns being processed in under two weeks.
From 1 July 2018, employers with more than 20 employees were required to provide real-time reports to the ATO of salary and wage payments, super guarantee contributions, ordinary time earnings of employees and PAYG withholding amounts.
The ATO has released a consultation paper, The ATO’s administrative approach to the disclosure of business tax debt information to credit reporting bureaus.
The ATO has recently updated and reissued Practice Statement Law Administration PS LA 2011/13 Cross border recovery of taxation debts.
The ATO has released its presentation to the 2019 Association of Superannuation Funds of Australia (ASFA) National Policy Roadshow outlining emerging superannuation focus areas for 2019–2020.
The Federal Court has set aside an Administrative Appeal Tribunal (AAT) decision that income derived by a business analyst through a company was subject to the personal services income (PSI) rules.
The ATO has recently seen a significant increase in calls from individuals who were encouraged by their super funds to contact the ATO because they were ineligible for compassionate release of super (CRS).
New figures released by the ATO estimate that almost 90% of income tax from small businesses is paid voluntarily or with little intervention from the ATO.
Do your clients have any amounts of offshore income they haven’t declared to the ATO – perhaps interest from a foreign bank account?
ATO Commissioner Chris Jordan has announced the launch of “Better as Usual”, a new ATO program aimed at improving the client experience with the tax system.
Salary sacrifice strategies are a great way to boost retirement savings. But unwelcome loopholes in the law mean some workers may be getting less than they bargained for.
Your clients who are business owners can deduct the cost of work trips they need to take for business. But what happens when they mix business with some hard-earned time for relaxation?
For many people, SMSFs are a great option for building retirement savings, but they may not be suitable for everyone.
Made a tax loss? If you’re a sole trader or individual partner, you may be able to apply the loss against other income like salary or investment income, or carry the loss forward to a future year.
19/12/19 With drought sweeping across the country, everyone is doing what they can to help.
03/01/2020 A recent Federal Court decision on Australia’s “backpacker tax” has received wide-ranging media coverage and been seen by some as a win for all working holiday makers.
08/01/2020 Crowdfunding has fast become a go-to strategy for people in need of large amounts of money quickly, but is the money raised considered to be income and therefore taxable?
Businesses with tax debts need to be aware that the ATO will now be able to disclose the details of their tax debts to credit ratings agencies.
17/01/2020 If you don’t hold private hospital cover – or are thinking about dropping it – make sure you understand the financial consequences. You could be hit with an extra tax surcharge of up to 1.5% or cost yourself extra premiums in future.
24/01/2020 Unpaid super is a big problem, and the compliance landscape is changing. If you’re an employer, now is the time to take action and protect yourself against penalties.
31/01/2020 Did you know that when you sell your shares, the size of your capital gains tax bill is affected by how long you’ve held the shares, and how you offset your capital gains and losses?
7/02/2020 On 20 January 2020 the ATO announced an extension of the tax assistance package for people impacted by the 2019–2020 bushfires in New South Wales, Victoria, Queensland, South Australia and Tasmania.
14/02/2020 With all the pandemonium of the new year, your super is probably the last thing on your mind. However, this is precisely the right time to think about implementing some strategies to increase your super for the coming year.
21/02/2020 The government-proposed $10,000 economy-wide cash payment limit has understandably elicited some confusion.
16/03/2020 A superannuation guarantee loophole that allowed employers to use salary sacrificed contributions to make up part of their required super guarantee contributions has been closed.
20/03/2020 In recent months, parts of Australia have been battered by a combination of fire and floods. As people try to piece their lives together in the aftermath, insurance payouts can go a long way in helping rebuild homes and replace lost items.
27/03/2020 The ATO has started contacting certain employers that provide car parking fringe benefits to their employees to ensure that all fringe benefits tax (FBT) obligations are being met.
16/03/2020 A superannuation guarantee loophole that allowed employers to use salary sacrificed contributions to make up part of their required super guarantee contributions has been closed.
17/04/2020 The super guarantee amnesty Bill has finally received Royal Assent, which means that the amnesty for employers to come forward to declare any super guarantee (SG) shortfalls will run from 24 May 2018 to 7 September 2020.
24/04/2020 Some states have followed in the Federal Government’s footsteps to provide their own stimulus and concessions for mostly small to medium businesses and in some cases to individuals and families.
1/05/2020 The Australian Government recently announced that this year’s Federal Budget will not be handed down until 6 October 2020
8/05/2020 Federal Treasurer Josh Frydenberg registered the Coronavirus Economic Response Package (Payments and Benefits) Rules 2020 on 9 April 2020. These statutory rules set out the actual rules and taxpayer requirements for the JobKeeper Payment scheme, which will be administered by the ATO.
15/5/2020 The ATO has released its application form for the early release of superannuation by individuals impacted by COVID-19.
22/05/2020 As a part of the second round of economic stimulus in response to the COVID-19 pandemic, the Australian Government has legislated a measure to boost cash flow for employers.
29/05/2020 Victims of the recent natural disasters beware: there is an SMS scam circulating that purports to give you “an 8% bonus” on your 2020 tax return.
5/06/2020 The following is a snapshot of Australia’s all-of-Government financial measures in response to the coronavirus (COVID-19) pandemic.
12/06/2020 The ATO has announced that it has extended the Single Touch Payroll (STP) exemption for small employers in relation to closely held payees from 1 July 2020 to 1 July 2021 in response to COVID-19.
19/06/2020 The ATO has updated its webpage that addresses questions about residential rental properties and the financial impact of COVID-19.
26/06/2020 The Australian Securities and Investments Commission (ASIC) has reminded companies, directors and officers faced with COVID-19 challenges to reflect on their fundamental duties to act with due care, skill and diligence, and to act in the best interests of the company.
03/07/2020 Tax time 2020 is here, but it’s likely to be anything but routine. Many individuals on reduced income or have increased deductions may be eager to lodge their income tax returns early to get their hands on a refund.
10/07/2020 Businesses that received the initial government cash flow boosts as a part of the COVID-19 stimulus measures are in line for additional payments for the June to September quarter.
17/07/2020 Last year, some 107,000 ATO impersonation scam calls were reported to the authorities.
24/07/2020 If a taxpayer has purchased assets for their business, they may be eligible to claim an immediate deduction under the instant asset write-off expansion.
07/08/2020 The Government has announced that JobKeeper payments will continue for six months beyond the legislated finish date of 27 September 2020.
14/08/2020 The ATO is on the look-out for fraudulent schemes designed to take advantage of the Government’s COVID-19 stimulus measures.
21/08/2020 The ATO has published a list of common mistakes and misconceptions taxpayers have around tax time.
04/09/2020 The ATO has updated its employees guide for work expenses for 2019–2020.
11/09/2020 Prime Minister Scott Morrison announced further changes to JobKeeper on 7 August 2020.
18/09/2020 The ATO has “clarified” its position on loans put on hold during COVID-19.
25/09/2020 The ATO has released a somewhat dazzling array of new and updated information sheets addressing the changes to JobKeeper.
02/10/2020 The Treasury Laws Amendment (Release of Superannuation on Compassionate Grounds) Regulations (No 3) 2020, registered on 3 September 2020, give effect to the Government’s extension of the COVID-19 early release of superannuation up to $10,000 until 31 December 2020.
16/10/2020 The ATO has reminded employers that the superannuation guarantee (SG) amnesty closed on 7 September 2020.
22/10/2020 The ATO has updated its COVID-19 and fringe benefits tax (FBT) information webpage, providing a really useful outline of some issues that may arise due to an employer’s response to COVID-19.
30/10/2020 The Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Bill 2020 received Royal Assent on 14 October 2020 as Act No 92 of 2020.
6/11/2020 The Department of Education, Skills and Employment (DESE) has commenced a new ongoing data-matching program with the ATO in relation to the Supporting Apprentices and Trainees (SAT) measure.
16/11/2020 The ATO has reminded businesses impacted by COVID-19 that they have a range of tax options to consider, including claiming a deduction for any losses.
20/11/2020 The ATO has updated Practical Compliance Guideline PCG 2020/3 to extend the availability of the “shortcut” 80 cents per hour rate for claiming work-from-home running expenses.
27/11/2020 The Federal Government’s Coronavirus Supplement has once again been extended for a further three months, accompanied by an associated cut-in rate.
11/12/2020 On 10 November 2020, the ATO advised that the recent reduction in the company tax rate had not been applied correctly in its systems from 1 July 2020.
17/12/2020 The Federal Government has released an exposure draft of the Coronavirus Economic Response Package (Payments and Benefits) Amendment Rules (No 9) 2020
08/01/2021 The ATO has recently outlined its expectations for businesses post-COVID
05/02/2021 To many individuals, the difference between tax planning and tax avoidance is not immediately obvious, while the ATO considers the former to be a legal way of arranging your affairs to minimise the tax you pay, the latter could land you in legal hot water.
12/02/2021 The Federal Minister for Families and Social Services has registered the Social Security (Coronavirus Economic Response – 2020 Measures No 16) Determination 2020 to ensure the continued payment of the COVID-19 Supplement to 31 March 2021.
18/02/2021 The ATO has again extended – this time from 31 December 2020 to 30 June 2021.
05/03/2021 With insecure, contract and casual work becoming increasingly common, particularly in the current COVID-19 affected economy, it’s no surprise that many young and not-so-young Australians may have income from more than one job.
19/03/2021 The ATO is kicking into gear in 2021 with another two data-matching programs specifically related to the JobMaker Hiring Credit and early access to superannuation (COVID-19 condition).
01/04/2021 Having insurance through superannuation can be a tax-effective and cost-effective way of protecting yourself and your loved ones.
09/04/2021 A number of important stimulus and support measures are coming to an end, and some others have begun phasing out, which will occur over a slightly longer period.
28/05/2021 Small businesses now have another pathway to resolve tax disputes, with the ATO making its independent review service a permanent option for eligible small businesses
03/06/2021 The ATO has announced that it will run a new data-matching program to collect property management data for the 2018–2019 to 2022–2023 financial years.
18/06/2021 As the economy adjusts to the removal of most COVID-19-related government support measures, coupled with the slow national vaccination rollout and mostly closed international borders, there is no doubt that many Australians are facing financial difficulties in the immediate short term.
24/01/2022 The ATO has announced the extension of its Medicare exemption statement data-matching program.
11/02/2022 As a part of an economic package to help businesses recover from the impacts of the COVID-19 pandemic, the Federal Government provided low-cost credit to qualifying small and medium enterprises (SMEs) in the form of the SME Recovery Loan Scheme.
25/02/2022 The Federal Government is hoping for some good press with the announcement that it will legislate to make both PCR tests and RATs tax-deductible for individuals who buy them for a work-related purpose.
04/03/2022 The ATO has recently finalised its stance on the issue of commercial debt forgiveness – in particular, the “natural love and affection” exclusion.
18/03/2022 Businesses that need a little more financial help will have one last opportunity to claim the loss carry-back in their 2021–2022 income tax returns.
08/04/2022 The recent devastating flooding in South East Queensland and parts of New South Wales has left many people homeless, caused vast amounts of property damage and has sadly led to loss of life.
08/07/2022 Under the current statutory formula for valuing car fringe benefits, electric cars are arguably at a disadvantage compared to fossil fuel-consuming cars, but this may soon change.
22/04/2022 The maximum amount that individuals can take out of their super under the First Home Super Saver Scheme will be increased from $30,000 to $50,000 for any release requests made on or after 1 July 2022.
01/07/2022 Tax-related debts are sometimes ignored by those struggling with inflationary pressures and sky-high energy prices.
01/08/2022 Small businesses are again in the ATO’s sights this tax time, with a focus on stamping out deductions not related to business income, overclaiming of expenses, omission of business income and insufficient records to substantiate claims.
14/09/2022 Rental property income and deduction mistakes continue to be one of the main focus areas for the ATO this tax time.
16/09/2022 The Australian Securities and Investment Commission (ASIC) has warned small and micro businesses to be alert for payment redirection scams.
28/10/2022 To reduce the impact of selling and buying a new principal home and to encourage pensioners to downsize, the government, in conjunction with the announcement of its intention to reduce the eligibility age for downsizer super contributions, has introduced a Bill.
24/02/2023 People who are thinking of starting a self managed superannuation fund (an SMSF) in 2023 need to be aware of the recent changes made by the ATO.
03/03/2023 The $250 non-deductible threshold for work-related self education expenses has now been removed with the recent passing of legislation.
17/03/2023 A new revised fixed-rate method for calculating working from home expenses will apply from 1 July 2022 onwards.
23/06/2023 Tax time 2023 is fast approaching and as with previous years, the ATO has provided some insights to the areas it will be focusing on consisting of rental property deductions, work-related expenses, and capital gains tax.