Minimising your personal and business tax guides
Well before the end of financial year is the time to discuss the actions you can take to reduce your tax.
Home office expenses ‘shortcut rate’ extended
The ATO has extended (again) the ability to utilise the “shortcut rate” for claiming home office running expenses to 30 June 2021 (it previously only applied until 31 December 2020). The ATO’s guideline allows certain taxpayers to claim a fixed rate per hour (80 cents per hour) for most additional running expenses incurred when working…
JobMaker Hiring Credit: Claims now open
The JobMaker Hiring Credit is being administered by the ATO and provides a wage subsidy payment directly to employers as an incentive to employ additional job seekers aged 16 to 35 years. Registrations for the JobMaker Hiring Credit scheme opened on 7 December 2020, and claims for the first JobMaker period can be made from…
Motor vehicles and Online Selling Platforms targeted in ATO audit
The ATO has announced it will engage in the following data-matching programs: It will acquire motor vehicle registry data from state and territory motor vehicle registry authorities for 2019/20 through to 2021/22, with records relating to approximately 1.5 million individuals to be obtained each financial year; and It will acquire data on Australian sales made…
New government measures 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 recover from the pandemic. The reforms introduce…