• 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 […]
25 January 2021
Australian Tax Office

ATO Urged to Clarify JobKeeper Repayments Tax Treatment

Last week, Toyota Australia announced it had approached the ATO to return more than $18 million in wage subsidy payments after posting a record fourth-quarter result. Super Retail Group has also followed suit, voluntarily returning $1.7 million in JobKeeper claimed for staff at Macpac. Tax & Super Australia tax counsel […]
12 January 2021
Coronavirus Grants

Treasurer Details Tax-Free Coronavirus Grants

Last month, legislation was passed to make certain grant payments non-assessable non-exempt income so that these payments are not subject to income tax by the Commonwealth. The law requires the Treasurer to declare that a grant program is eligible by legislative instrument if he is satisfied that it is in response […]
24 November 2020
tax loss

Refunds for Tax Losses

If your company has made a loss, you may be able to claim a tax refund for tax previously paid on profits.  In the 2020-21 Federal Budget, the Government announced that businesses with turnover under $5bn* will be able to offset any losses made between 2019-20 and 2021-22 against previously […]
10 November 2020
payroll-tax

NSW Announces Payroll Tax Relief for New Jobs

Source: Accountants Daily NSW Premier Gladys Berejiklian believes the Jobs Plus Program will create or support up to 25,000 jobs to 30 June 2022 by incentivising companies to relocate their head offices to NSW or expand their jobs footprint in the state. A key feature of the program will see […]
21 October 2020
tax gap

ATO Reveals First-Ever Total Tax Gap of $31bn

Source: Accountants Daily The tax gap estimates for all 15 income and transactional-based taxes currently stand at 6.9 per cent or $31.2 billion for the 2017–18 year, an amount that the Tax Office expected to collect if every taxpayer was fully compliant with the law. Total tax collections for the […]
19 October 2020
tax cuts

Tax Cuts Set to Flow ‘Within a Few Days or Weeks’

Source: Accountants Daily With the Morrison government’s stage 2 income tax cuts sailing through Parliament last week, the ATO now anticipates that it will be able to publish updated tax withholding schedules over the next few days. Despite the tax cuts being backdated to 1 July this year, the Tax […]
12 October 2020
jobkeeper alternative test

Commissioner Registers New JobKeeper Alternative Test

Source: Accountants Daily The Commissioner of Taxation has now registered additional alternative decline in turnover tests where there is not an appropriate relevant comparison period in 2019 because the entity temporarily ceased trading and were not trading for some or all of the relevant comparison period. The Coronavirus Economic Response Package (Payments […]
12 October 2020
tax-cuts

Tax Cuts Set to Flow ‘Within a Few Days or Weeks

Source: Accountants Daily With the Morrison government’s stage 2 income tax cuts sailing through Parliament last week, the ATO now anticipates that it will be able to publish updated tax withholding schedules over the next few days. Despite the tax cuts being backdated to 1 July this year, the Tax […]
5 October 2020
Business-owner-during-COVID

JobKeeper 2.0 Details Confirmed for Extension and Alternative Tests

The Treasurer has released the detailed Rules governing eligibility for JobKeeper after 28 September 2020 (known as JobKeeper 2.0). The Tax Commissioner has also issued a legislative instrument outlining the alternative tests for satisfying the additional decline in turnover test. As a starting point, for an entity to be eligible […]
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