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Practice Update – June 2021
Cryptocurrency under the microscope this tax time 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 has estimated that there are over 600,000 taxpayers … Read more
Practice Update – May 2021
Government proposal to modernise business communications The Government has committed to modernising certain laws so that they are ‘technology neutral’, to enable easier communication between businesses, individuals and regulators. The first phase of legislative reform will focus on key areas raised by stakeholders which are implementation-ready (ideally by the end of 2021), including: expanding the … Read more
Practice Update – April 2021
JobKeeper comes to an end The ATO has advised that the final JobKeeper payment will be processed in April 2021. Enrolled businesses do not have to do anything when the program closes, although they will need to complete their final March monthly business declaration by 14 April 2021. Also, once a business is no longer … Read more
Practice Update – March 2021
Changes to STP reporting concessions from 1 July 2021 Small employers (19 or fewer employees) are currently exempt from reporting ‘closely held’ payees through Single Touch Payroll (‘STP’). Also, a quarterly STP reporting option applies to micro employers (four or fewer employees). These concessions will end on 30 June 2021. The STP reporting changes that … Read more
Practice Update – January/February 2021
New measures applying from 1 January 2021 The Government has provided an update of a number of new measures which came into effect from 1 January 2021, including (among others): The most significant changes to Australia’s insolvency framework in 30 years, which are intended to reduce costs, cut red tape and help more small businesses … Read more
Practice Update – Dec 2020
Improvements to be made to full expensing measure The government will expand eligibility for the temporary ‘full expensing measure’, which temporarily allows certain businesses to deduct the full cost of eligible depreciable assets in the year they are first used or installed. Editor: The government initially announced in the 2020/21 Budget that businesses with a … Read more
Rules For Claiming Work Related Deductions
As tax time approaches the ATO is encouraging people to check which work related expenses they are entitled to and understand what records they need to keep. A tax deduction is allowable if you can show that an expense was: actually incurred meets the deductibility tests, and satisfies the substantiation rules. Generally speaking if you … Read more
What to Expect When You Are Being Audited by the ATO
What is Involved? A review or audit usually involves looking at your tax affairs to ensure the information you have given the ATO is accurate and you have complied with your tax obligations. What the ATO Expects of You The ATO expects a co-operative approach. They expect us to be timely and accurate in our … Read more