In addition to the recent Federal Government announcements, the State Governments have announced a range of tax relief measures in relation to COVID-19. A summary of these measures is outlined below Payroll Tax Victoria Waiver for entire 2019-20 financial year for all businesses with annual taxable wages of up to $3 million Refunds of payroll…
The Australian Taxation Office (‘ATO’) has announced a temporary simplified short cut method to make it easier for individual taxpayers to claim deductions for additional running expenses incurred (e.g., additional heating, cooling and lighting costs), as a result of working from home due to the Coronavirus pandemic. Refer to the ATO’s Media Release of 7…
The Government has resurrected Superannuation Guarantee (SG) amnesty giving employers that have fallen behind with their SG obligations the ability to “self-correct.” This time, however, the incentive of the amnesty is strengthened by harsh penalties for those that fail to take action.
The ATO’s recently released interpretation of the tax treatment of capital gains distributed by an Australian discretionary trust to non-resident beneficiaries will have a significant negative impact for some.
Read why the investment strategies of Self Managed Superannuation Funds (SMSFs) are under scrutiny with the ATO contacting 17,700 trustees about a lack of asset diversity.
There needs to be a relationship between the money you make and the deductions you claim. Here are a few common problem areas.
The Reserve Bank of Australia is widely tipped to reduce interest rates again to historic lows. Economist Emmanuel Calligeris explores the impact.
The ATO has again flagged that underreporting of foreign income is an issue, but this time the gloves are off.
New figures give visibility to tax compliance issues within small business sector and indicate where ATO expects resources to be focussed now and in the future. Read our 4 tips to make your business ATO-proof.
Ridesharing and the FBT taxi travel exemption When an employee uses a taxi service for travel to or from work or if the employee is sick, it is generally exempt from Fringe Benefits Tax (FBT) under the FBT taxi travel exemption. The question is, what about Uber and other ridesharing services, do they also qualify for…