• insurance policy
    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 […]
  • changes-ahead
    What Changes on 1 July 2021?
    Super guarantee rate increase to 10% On 1 July 2021, the Superannuation Guarantee (SG) rate will rise from 9.5% to 10% – the first rise since 2014. It will then steadily increase each year until it reaches 12% on 1 July 2025. The 0.5% increase does not mean that everyone […]
  • Superannuation
    Super Guarantee Rate Rising 1 July
    On 1 July 2021, the super guarantee rate will rise from 9.5% to 10%. If you have employees, you will need to ensure your payroll and accounting systems are updated to incorporate the increase to the super rate. If you need help to work out how much super you need to […]
  • skilled migration
    Is It Time for Australia to Rethink Skilled Migration?
    Source: NestEgg When borders reopen, Australia has a chance to reshape its migrant policy, with an opportunity to target younger, more skilled workers, a think tank has revealed. Australia is not attracting the right migrants, instead it should focus on simplifying the process, taking in younger skilled workers, and paying them […]
  • Fringe Benefit Tax
    FBT Exemption, LMITO Tax Bill Introduced Into Parliament
    Source: Accountants Daily Treasury Laws Amendment (2021 Measures No. 4) Bill 2021 was introduced to the House of Representatives on Wednesday and contains two tax measures included in the Morrison government’s 2021–22 federal budget.  The first of them is the government’s FBT exemption, which will provide employers with a way […]
  • cryptocurrency
    ATO Sheds Light on Crypto Compliance Focus
    Source: Accoutants Daily Speaking at a tax-time tips seminar on Thursday, ATO assistant commissioner Adam O’Grady warned tax agents and taxpayers that his office will be closely watching all capital events related to cryptocurrency come tax time.  “It is really important for all capital assets; we will be looking to […]
27 May 2021
cryptocurrency

ATO Sheds Light on Crypto Compliance Focus

Source: Accoutants Daily Speaking at a tax-time tips seminar on Thursday, ATO assistant commissioner Adam O’Grady warned tax agents and taxpayers that his office will be closely watching all capital events related to cryptocurrency come tax time.  “It is really important for all capital assets; we will be looking to […]
11 May 2021
Australian Tax Office

ATO Signals Crackdown on 4 Ineligible Work-From-Home Claims

The ATO on Thursday urged all taxpayers to be aware that, while the temporary shortcut method will remain available to those claiming work-from-home deductions this year, personal and occupancy expenses, among others, cannot be claimed through any method. Personal expenses like coffee, tea and toilet paper — while may be made […]
19 April 2021

ATO Launches New Tax Residency Data-Matching Program

Source: Accountants Daily The Department of Home Affairs will now provide the ATO with arrival and departure records of travellers to and from Australia for the 2016–17 to 2022–23 financial years. The new data-matching program will allow the ATO to verify the identity and residency status of individuals to ensure […]
12 April 2021
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ATO Updates Guidance on Promoter Penalty Laws

The new Practice Statement Law Administration PS LA 2021/1, issued on Thursday, consolidates previous guidance PS LA 2008/7 and PS LA 2008/8 that have now been withdrawn. The Practice Statement provides ATO officers with guidance on indicators of potential promoter behaviour, the process for making decisions about the promoter penalty […]
29 March 2021
Australian Tax Office

ATO Issues 11th hour JobKeeper Warning

With the Treasury estimating that 150,000 workers could lose their jobs once JobKeeper comes to an end on 28 March, the ATO has warned employers that they could lose access to the wage subsidy payments if they deny workers their redundancy entitlements. The ATO said it will keep an eye […]
23 March 2021
Australian Tax Office

ATO Called to Drop Part IVA for Personal Services Businesses

Tax & Super Australia tax counsel John Jeffreys believes the ATO’s recent release of draft taxation ruling TR 2021/D2 has reinforced the uncertainty faced by businesses when dealing with personal services income tax. The ATO notes that the general anti-avoidance rules in Part IVA may still apply to “income-splitting arrangements […]
23 March 2021
Australian Tax Office

Tax Office Outlines STP Phase 2 Changes

Mandatory STP Phase 2 reporting is now set to commence from 1 January 2022, as the government looks to reduce the reporting burden for employers who are currently required to provide employee information to multiple government agencies. The expansion of STP will see additional information required to be reported each payday, […]
22 March 2021
JobKeeper Repayment

ATO Clarifies JobKeeper Repayment Tax Deductibility

The Tax Office has now published new guidance on the tax consequences for eligible businesses who have received JobKeeper payments and are now looking to repay those amounts. According to the ATO, the voluntary repayment of JobKeeper may be deductible in limited circumstances if it helps a business achieve its objective, […]
16 March 2021
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ATO Clarifies JobKeeper Repayment Tax Deductibility

Source: Accountants Daily The Tax Office has now published new guidance on the tax consequences for eligible businesses who have received JobKeeper payments and are now looking to repay those amounts. According to the ATO, the voluntary repayment of JobKeeper may be deductible in limited circumstances if it helps a business […]
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