More tax free COVID-19 business grants
The Federal Government has expanded the list of State and Territory COVID-19 grant programs that may be tax-free to eligible businesses.
Business fundamentals: Reliable cashflow, tax planning & effective systems
Business fundamentals include reliable cashflow, tax planning and effective systems. These are instrumental for getting through the tough times, but even more importantly, for being ready to capitalise on opportunities when they come. Here we overview the business fundamentals you need to have in place …
Rental properties ATO focus
The ATO focus is on four major concerns relating to rental properties this tax season.
Asset wash sales on ATO hit list
The ATO is warning taxpayers to not engage in ‘asset wash sales’ or other forms of tax avoidance to artificially increase their losses to reduce gains (or expected gains).
ATO tax time priorities
The ATO has announced four key priorities that it will focus on this 2022 tax time.
Disclosure of business tax debts may affect credit rating
The ATO is writing to taxpayers whose credit rating may be affected if their tax debts are disclosed to credit reporting bureaus.
No changes to Private Health Insurance rebate
In a little bit of good news, Australians with private health insurance will NOT see decreases to the Private Health Insurance rebate from 1 April.
Overdue TPAR Penalties
The Taxable payments annual report (TPAR) must be lodged by 28 August each year. Taxpayers who operate in certain industries and that make payments to contractors may need to report these payments in a TPAR.
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.