New sharing economy reporting regime proposed

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The government is seeking to legislate compulsory reporting of information for sharing economy platforms in order to more easily monitor the compliance of participants, while at the same time reducing the need for ATO resources. As the sharing economy becomes more prevalent and fundamentally reshapes many sectors of the economy, the government is scrambling to […]

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Tax time 2021: rental property pitfalls

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This tax time, the ATO is again closely monitoring claims in relation to rental properties. The ATO has data-matching programs in place that collect detailed information about properties and owners for income years all the way from 2018–2019 to the 2022–2023. These programs expand the rental income data collected directly from third-party sources, including sharing […]

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Single Touch Payroll update

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Phase 2 coming soon The ATO is expanding the information that businesses send through Single Touch Payroll (STP). From 1 January 2022, most employers will be required to send additional information such as the commencement date of employment and cessation date of employment for employees, their reasons for leaving employment and work type. The basic information […]

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Employers beware: increase in super guarantee

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From 1 July 2021, the rate of super guarantee increased from 9.5% to 10%. Businesses using manual payroll processes should be careful that this change doesn’t lead to unintended underpayment of super, which may attract penalties. The new rate of 10% is the minimum percentage now required by law, but employers may pay super at […]

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Workplace giving versus salary sacrifice donations

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Have you made donations either through workplace giving or salary sacrifice arrangements with your employer? If so, and you want to claim a deduction in your tax return, it’s important to know that the tax treatment differs depending on which method you used to make the donation. Essentially, workplace giving is a streamlined way for […]

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Hardship priority processing of tax returns

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If your business is experiencing financial difficulties due to the latest lockdowns, the ATO may be able to help by processing your tax return faster and expediting the release of any refund to you. To be eligible for priority processing, you’ll need to apply to the ATO and provide supporting documents (within four weeks of […]

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ATO tax time support: COVID-19 and natural disasters

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The ATO has a range of year-end tax time options to support taxpayers who have been affected by the COVID-19 pandemic and recent natural disasters. Income statements can be accessed in ATO online services through myGov accounts from 14 July. The ATO also reminds those who may have lost, damaged or destroyed tax records due […]

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Personal use assets and collectables in SMSFs

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Would you like to hold a wine collection, artworks, or a classic car in your self managed superannuation fund (SMSF)? Well, you can if you follow some strict rules. Firstly, the investment in collectibles or personal use assets must be for genuine retirement purposes and not to provide any present day benefit to either the […]

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ATO compliance: economic stimulus measures

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Businesses that have accessed government economic stimulus measures need to take extra care this tax time. The ATO has announced that it will increase its scrutiny, conducting compliance activity on various economic stimulus measures introduced to help businesses recover from the effects of COVID-19. These stimulus measures include loss carry-back, temporary full expensing and accelerated […]

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Private health insurance rebates frozen

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Is your private health insurance getting more expensive every year? Part of the reason could be that the government has once again introduced legislation to freeze the related income thresholds, which were originally meant to be indexed with inflation on 1 April each year. While the government likes to blame the funds for hikes adding […]

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Temporary COVID Disaster Payment now available

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The Federal Government has announced a temporary COVID Disaster Payment to assist workers who live or work in a Commonwealth declared hotspot, who are unable to attend work and earn an income as a result of state-imposed health restrictions that last for longer than one week. The payment, available for Australian citizens, permanent residents and […]

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Beware: phishing and investment scams on the rise

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Emails impersonating myGov The ATO and Services Australia have issued a warning about a new email phishing scam doing the rounds. The emails claim to be from “myGov” and include screenshots of the myGovID app. myGovID can be used to prove who you are when accessing Australian government online services. The scam emails ask people […]

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2021 FBT returns are due

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If your business has provided fringe benefits to your employees, you should be aware that the 2021 FBT return (for the period 1 April 2020 to 31 March 2021) is due, and payment of any associated FBT liability is required immediately. If you prepare your own return, it can be lodged up until 25 June […]

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ATO’s discretion to retain refunds extends to income tax

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As a part of a suite of measures introduced by the government to combat phoenixing activities, the ATO now has the power to retain an income tax refund where a taxpayer (including both businesses and individuals) has outstanding notifications. The discretion to retain refunds previously only applied in relation to notifications under the business activity […]

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