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.
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.
Selling your business? A little planning now goes a long way
Even if you’re not ready to sell your business just yet, or your retirement is years away, planning and preparing your business for sale should start today. Having a sale-ready business puts you in a position of strength and ready to capitalise on opportunities as they arise.
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…