News

What the full expensing write off deduction means for business

What the “full expensing” write-off deduction means for business

November 6, 2020

The Federal Budget measure of allowing businesses to fully write-off eligible assets is a boon to Australian businesses, even though the measure is temporary. Just to recap, businesses with aggregated annual turnover of less than $5 billion will be able to deduct the full cost of eligible capital assets acquired from 7:30pm AEDT on 6…

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Tax and SMSF audits on still on ATOs radar

Both tax and SMSF audits still on ATO’s radar, but some leniency given

November 6, 2020

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 were to start tax audits sometime between September and October 2020.…

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ATOs cyber safety checklist

ATO’s cyber safety checklist

November 6, 2020

Scammers never seem to rest, with even the lastest JobKeeper iteration coming in for some scam treatment. In a new update the ATO reports that it is receiving reports of email scams about JobKeeper and backing business investment claims. “The fake emails say we’re investigating your claims. They ask you to provide valuable personal information,…

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The investment option that can hide unexpected GST

The investment option that can hide unexpected GST

November 6, 2020

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 says that from 1 July 2018, most…

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Rounding of GST where fractions of a cent result

Rounding of GST where fractions of a cent result

November 6, 2020

The ATO has devised special rounding conventions where an amount of GST includes a fraction of a cent. Although it labels these conventions “rules”, there is no obligation for parties on either side of a transaction to follow them, as the ATO states: “You and your customer do not need to use the same rounding…

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JobKeeper extensions alternative turnover tests

JobKeeper extension’s alternative turnover tests

November 6, 2020

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 says that from 1 July 2018, most…

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2020 21 Lodgment Rates and Thresholds

2020-21 Lodgment Rates and Thresholds

October 16, 2020

To save you having to laboriously search for the right tax rate or relevant threshold, the essential information is right here in one place. This guide includes tax rates, including individual minor and non-resident rates, corporate rates, offset limits and benchmarks, rebate levels, allowances, and essential super as well as FBT rates and thresholds (including…

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Parliament House Canberra Dusk Panorama

Federal Budget 2020-21

October 7, 2020

Federal Budget 2020-21 We all understand that budgets are an exercise in predicting the future. Given what has happened in 2020, gazing into the crystal ball and extracting something reliable is fraught with difficulty. The Treasury has given its best estimate, but we also need to appreciate that budgets are usually never 100% on target…

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JobKeeper rules conditions and payment rates have changed

JobKeeper rules, conditions and payment rates have changed

October 2, 2020

Legislation has been put in place to extend the JobKeeper scheme beyond its original sunset date, although the rates of payment and certain other details have been altered. The scheme is now to run until March next year, with one version lasting until 3 January and another version in place from then until 28 March.…

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New data matching programs initiated by the Federal Government

New data matching programs initiated by the Federal Government

October 2, 2020

Over the first quarter of this financial year, the government has initiated two new data matching programs, using data that the ATO holds. Data matching involves bringing together data from different sources and comparing it. For example, records from different agencies or businesses are compared, with the results possibly identifying people who are being paid…

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