Cryptocurrency under the spotlight 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.
Federal Budget 2021-22 Summary
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.
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.
Passenger movement data-matching program
The ATO will access data from the Department of Home Affairs on passenger movements during the 2016/17 to 2022/23 financial years, and match it with certain sections of ATO data holdings to identify taxpayers that can be provided with tailored information to help them meet their tax and superannuation obligations, or to ensure compliance with…
ATO “keeping JobKeeper payment fair”
The ATO is using its compliance resources to maintain the integrity of the JobKeeper measure.
Changes to FBT rates and thresholds
The ATO has updated its webpage containing the fringe benefits tax (‘FBT’) rates and thresholds for the 2017/18 to 2021/22 FBT years. Two amounts that were not previously announced for the 2021/22 FBT year are: The FBT record keeping exemption is $8,923 (up from $8,853 for the 2020/21 FBT year); and The statutory or benchmark…
60,000 businesses non-compliant with 2019/20 tax lodgment
The ATO has confirmed that more than 60,000 businesses have not yet complied with lodgment requirements under the taxable payments reporting system (‘TPRS’) for 2019/20.
JobKeeper comes to an end
The ATO has advised that the final JobKeeper payment will be processed in April 2021.
TEN reasons why a little planning can save a lot of tax
There is a big difference between tax planning and tax return preparation. Tax planning is proactive, and highly recommended as advance planning can make it possible for business owners to effectively minimise their tax obligation, and importantly, pay no more tax than they need to.
Scam Alerts: Important Information
There has been a recent spike in the number of scammer cases in relation to the Australian Taxation Office (ATO). Scammers and malicious actors continually adapt their activities and use technological advancements to help them mimic the ATO’s interactions. They have two main objectives, to get you to: pay money divulge personal information or credentials.…