In a recent speech, ATO’s Second Commissioner of Client Engagement, Jeremy Hirschhorn, outlined the expectations of businesses during the COVID era and warns against using loopholes to obtain benefits from government stimulus packages. He noted that while companies are largely compliant with 92.5% voluntary compliance at lodgment and 96.3% after compliance activity, the ATO is…
Online sellers beware, the ATO has extended its current data-matching program for another 4 years to ensure that businesses and individuals are correctly meeting their registration, lodgment and tax obligations. The current program will affect most sellers on eBay Australia and New Zealand as well as Amazon. It is expected that around 20,000 to 30,000…
With the other government COVID-19 economic supports such as the JobKeeper and JobSeeker winding down in the next few months, businesses that are seeking to employ additional workers but need a bit of help can apply for the JobMaker Hiring Credit Scheme. Unlike the JobKeeper where the payment has to be passed onto employees, the…
Concessional and Non-Concessional Contribution Caps From 1 July 2021, the concessional and non-concessional contribution caps are set to increase due to indexation for the first time ever since July 2017. The concessional contribution cap, originally set at $25,000 from 1 July 2017, is indexed by average weekly ordinary time earnings (AWOTE) in increments of $2,500.…
