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Tax News
Director ID deadline is approaching   The Government has launched an awareness campaign to help company directors get their director identification number (‘director ID’) as the 30 November deadline approaches.
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Banking business income to a private account   The ATO has stated that it has “no concerns” with business owners banking their business takings or other sales in private accounts, but that this may become an issue when this income isn’t reported.
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More COVID-19 business grants are now tax-free   The Federal Government has expanded the list of State and Territory COVID-19 grant programs that may be tax-free to eligible businesses.
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Tax time focus on rental property income and deductions   The ATO is focusing on four major concerns this tax season when it comes to rental properties.
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Starting from 1 November 2021, company directors including foreign directors are required by law to apply for a director identification number (director ID) following legislation passed by the government.
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ATO’s small business focus for 2022 income year   The ATO announced that it will be focussing on the following matters for small business tax returns for the 2021/22 year:
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ATO priorities this tax time   The ATO has announced four key areas that it will be focusing on for Tax Time 2022:
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No reduction in the Private Health Insurance rebate as of 1 April 2022   An event that we have become accustomed to every 1 April, is that the amount of the Private Health Insurance (‘PHI’) rebate decreases.
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2022-2023 Budget Measures that are now law Low and Middle Income Tax Offset   A measure that will no doubt be beneficial for individual taxpayers is the increase in the Low and Middle Income Tax Offset (‘LMITO’) for the 2022 income year by $420.  The LMITO is a tax offset which reduces an individual taxpayer’s…
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