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
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
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 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
