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.
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…
Tax considerations for COVID-19 vaccination incentives and rewards
The ATO has reminded employers to consider their tax and super obligations when employees are provided with incentives or rewards for getting their COVID-19 vaccination. When employees are provided a cash payment, including paid leave for employees to get their COVID-19 vaccination (or additional paid leave to recover from any vaccination side effects), employers should…
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.
Additional ATO support during COVID-19
The ATO is providing additional support to taxpayers having difficulty meeting their tax and Superannuation Guarantee charge obligations for employees because of COVID-19.
ATO sights on work-related expenses
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.
ATO data-matching programs target property transactions
The ATO has advised that it will engage in two new data matching programs dealing with property transactions.
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.
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…