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 […]
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 […]
JobKeeper extension’s alternative turnover tests
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] JobKeeper extension’s alternative turnover tests The extension of the JobKeeper scheme is now based on current GST turnover, not projected turnover. The basic test compares year-on-year turnover. If there were events or circumstances outside the usual business settings that resulted in your relevant comparison period in 2019 (September or December 2019 quarter) not […]
GST Implications on Investment Properties
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] GST Implications on Investment Properties New residential property is a popular investment for many, and can be especially so for self-managed superannuation funds, however the ATO is concerned that not every investor in residential property is fully aware that it is an option that may bring with it unexpected GST obligations. The ATO […]
Tax and SMSF audits on still on ATO’s Radar
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Tax and SMSF audits on still on ATO’s Radar While the ATO has lately been focusing on the rollout of stimulus measures, it has also flagged that audit work is not off the table completely. In late July, when the ATO fronted a parliamentary Senate Select Committee on COVID-19, its representative said plans […]