The crackdown is well underway as the ATO intends to target 600,000 Aussie taxpayers who have invested in cryptocurrencies and may have omitted CGT events. Crypto joins property and share trading as key CGT areas for the 2021 tax year. As the explosion in crypto investment ramps up and FOMO kicks in, this year alone…
Every financial year ends are busy ones for all financial service and accounting businesses. As much as we try to avoid it, there always seems to be last-minute transactions to process and tax planning advice required. Throw in some nationwide Covid lockdowns – and it takes the last-minute rush to the next level. A lot…
Every tax claim you make has the ability to boost your return. But to be a legal claim, it must be directly connected to you earning assessable income. Plus you must have incurred the expenditure and not been reimbursed by your employer. But, did you know the following Five Facts about …… Did you know…
Rental property owners beware, the ATO has commenced 2 data-matching programs designed to obtain a myriad of information to ensure that various income tax reporting obligations have been met. Specifically, the ATO will run a new data-matching program to collect property management data for the 2018-19 to 2022-23 financial years, and extend the existing rental…
The Commonwealth and New South Wales governments yesterday announced a joint package of support measures. The measures will also be available for other states and territories. The goal is to support business cashflow and households to get them through extended lockdowns. The measures are targeted, and intended to be rolled out as quickly as possible. …
While most businesses are already familiar with the Single Touch Payroll (STP) regime, small employers (19 or fewer employees) with closely held payees were exempt from reporting payroll information of those closely held payees through the STP for the 2019-20 and 2020-21 financial years. However, from 1 July 2021, those small employers must start reporting…
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.…
