To assist taxpayers who continue to be affected by COVID-19, the ATO has stated that it will not apply penalties or interest on varied instalments for the 2021/22 income year for excessive variations when the fund has taken reasonable care to estimate its end of year tax.
A recent ruling by the Federal Court has seen the ATO able to make a claim on a property owned by a spouse for unpaid taxes. This ruling could have implications for clients considered ‘at risk’ who are utilising this as an asset protection strategy.
The ATO is providing additional support to taxpayers having difficulty meeting their tax and Superannuation Guarantee charge obligations for employees because of COVID-19.
2021 Taxable Payments Annual Reports (TPARs) are due to be lodged for businesses who have paid contractors to provide the following services: building and construction cleaning courier, delivery or road freight information technology (‘IT’) security, surveillance or investigation
While adapting business operations and transitioning to new ways of working is paramount for business owners, unprecedented pressure on finances and cashflow can highlight the risks business liabilities can impose on a business owner’s personal affairs. ‘What if’ your personal assets were at risk from potential creditors or litigation? Here we shine the spotlight personal…
The ATO is alerting taxpayers that its sights are set on work-related expenses like car and travel claims that are predicted to decrease in this year’s tax returns.
The ATO has advised that it will engage in two new data matching programs dealing with property transactions.
The super guarantee rate will rise from 9.5% to 10% on 1 July 2021, so businesses with employees will need to ensure their payroll and accounting systems are updated to incorporate the increase to the super rate.
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.
Announcements from the 2021-22 Federal Government Budget, handed down on May 11, focus on recovery and investment to support jobs creation to drive economic growth. Our Budget Summary highlights the top announcements which, if implemented, may affect your business decision making and planning for your personal financial goals.