JobMaker Year 2: adjusting baseline headcount
If you have been claiming the JobMaker Hiring Credit, please be aware that the ATO will now calculate an adjusted baseline headcount for the claim.
Car Expenses: 2023 cents per kilometre increase
The ATO has proposed for individual taxpayers that use the cents per kilometre method when calculating tax deductions for their work-related car expenses, that the rate per kilometre for the income year starting 1 July 2022 (the 2023 income year) will be increased to 75 cents per kilometre.
Penalties for small employers failing to commence STP reporting
Small employers are on notice as the ATO gets serious about Single Touch Payroll (STP) reporting.
12-month extension for loss carry-back measure
Eligible companies have a 12-month extension to claim a loss carry-back tax offset in the 2023 income year.
New shield against debt recovery proposed for small business
The proposed new law aims to help small businesses involved in disputes or debt recovery actions with the ATO.
TAX: Get on the front foot before tax time and reap the financial rewards
Business owners commonly pay more tax than necessary by leaving their tax planning until the last minute. What you do now, in advance of June 30, can make a significant difference at tax time. In this article we share key considerations that will help you get on the front foot before tax time and only…
Payment extension relating to JobKeeper objections
The JobKeeper rules have been amended to ensure the ATO can make payments to certain taxpayers after 31 March 2022.
ATO support for businesses in difficult times
The ATO has reminded taxpayers that it has a range of support available for small businesses experiencing difficult situations, such as natural disasters, mental health challenges or financial hardship.
ATO to assist PAYG taxpayers affected by COVID-19
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.
Family home in your partner’s name? Your home may not be protected from creditors
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.