Unexpected lump sum payment in arrears? There’s a tax offset for that
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Unexpected lump sum payment in arrears? There’s a tax offset for that A lump sum payment in arrears is a payment you may receive that relates to earlier income years. The tax offset that can be utilised with these sorts of payments works to alleviate the problem of a taxpayer being expected to […]
80¢ rate for claiming home office expenses extended
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] 80¢ rate for claiming home office expenses extended The ATO has extended (again) the ability to utilise the “shortcut rate” for claiming home office running expenses to 30 June 2021 (it previously only applied until 31 December 2020). The ATO’s guideline allows certain taxpayers to claim a fixed rate per hour (80 cents […]
Natural disasters and help with your tax
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Natural disasters and help with your tax Now that we are into bushfire season, and even flooding events have already occurred, it is perhaps timely to be reminded that as well as the more obvious immediate devastation inflicted on people’s property, destructive events such as fires or floods can also mean loss of […]
Single touch payroll: When your reporting can cease
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Single touch payroll: When your reporting can cease A business may no longer be required to lodge single touch payroll (STP) reports for a number of reasons. These are if your business no longer has employees, has ceased trading, has changed structure, is not paying employees for the rest of the year, or […]
Getting a tax valuation from the ATO
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Getting a tax valuation from the ATO Not every individual situation fits neatly with the tax laws as they stand — sometimes a taxable item’s known value (and therefore the tax that applies to it) may need to be determined. Many tax laws require the taxpayer to determine the market value of something. […]
JobMaker hiring credit: What you need to know
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] JobMaker hiring credit: What you need to know The JobMaker Hiring Credit scheme was passed into law in mid-November 2020. JobMaker was part of the 2020-21 Federal Budget, and will operate until 6 October 2021. It is designed to improve the prospects of young individuals getting employment, by incentivising employers to hire them, […]
STP data-sharing with Services Australia
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] STP data-sharing with Services Australia Single Touch Payroll (‘STP’) allows the ATO to share data in real-time with other government agencies, to “help them deliver government services to the Australian community”. As part of the ATO’s data-matching program, it has a STP data-sharing arrangement with Services Australia to help them administer Australia’s welfare […]
How to avoid getting dodgy advice
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] How to avoid getting dodgy advice The ATO is warning taxpayers who may be thinking about pausing, changing or closing their business, due to the current economic conditions, to be wary of untrustworthy advisers who may recommend inappropriate or illegal behaviour. This could include illegal phoenix activity, where businesses intentionally remove their assets […]
JobMaker Hiring
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] BJobMaker Hiring Australian employers wanting to access the federal government’s Jobmaker hiring credits can now register for the scheme via the Australian Taxation Office. Businesses will be able to start claiming JobMaker hiring credits from February. Under the JobMaker scheme, eligible employers can claim up to $200 per week for each additional employee […]
Business Digital Adaptation Program
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Business Digital Adaptation Program The Victorian Government recently announced Small Business Digital Adaptation Program which will allow eligible businesses to trial and then receive access to digital tools and training such as point-of-sale payment, shop online ecommerce website, accounting system like Xero to build digital capability in their day-to-day operations. Businesses will be […]