Enriching Your Business
The ATO has reminded individuals receiving Child Care Subsidy and Family Tax Benefit payments from Services Australia that they and their partners must lodge their 2019/20 Individual tax returns by 30 June 2021. Lodgment deferrals with the ATO do not
The ATO is alerting taxpayers that its sights are set on work-related expenses like car and travel claims that are predicted to decrease in this year’s tax returns. Assistant Commissioner Tim Loh noted that COVID-19 has changed people’s work habits,
The Government has announced an extension of the temporary reduction in superannuation minimum drawdown rates for a further year to 30 June 2022. As part of the response to the coronavirus pandemic (and the negative effect on the account balance
The ATO is concerned that many taxpayers believe their cryptocurrency gains are tax-free, or only taxable when the holdings are cashed back into Australian dollars. ATO data analysis shows a dramatic increase in trading since the beginning of 2020 and
The super guarantee rate will rise from 9.5% to 10% on 1 July 2021, so businesses with employees will need to ensure their payroll and accounting systems are updated to incorporate the increase to the super rate. DisclaimerThis publication is
The ATO has advised employers intending to claim a tax deduction for super payments that they make for employees in the 2020/21 income year that any such payments must be accepted by the Small Business Superannuation Clearing House (‘SBSCH’) on
The ATO has confirmed that, from 1 July 2021, the superannuation concessional and non-concessional contribution caps will be indexed. The new caps for the 2021/22 year will be: Concessional Cap: $27,500 Non-Concessional cap: $110,000 (or $330,000 over 3 years)
The ATO will access data from the Department of Home Affairs on passenger movements during the 2016/17 to 2022/23 financial years, and match it with certain sections of ATO data holdings to identify taxpayers that can be provided with tailored
The ATO has advised that, if a business hasn’t used its ABN for a while, the ATO may contact them about cancelling their ABN. The ATO may also contact them about their ABN if their business situation has changed. To
Following a successful multi-year pilot, the ATO’s small business independent review service will be offered permanently as a dispute resolution option for eligible small businesses. ATO Deputy Commissioner Jeremy Geale said the service is all about ensuring small businesses are