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ATO
Government warns of ‘malicious’ myGov scammers   The Government has urged Australians to be vigilant regarding scammers who target ATO log-in details to commit tax fraud.
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ATO warning to SMSFs: “Paying the price for non-compliance”   There are various courses of action available to the ATO when trustees of self-managed super funds (‘SMSFs’) have not complied with the super laws, including applying administrative penalties.
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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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Many of our business clients like to review their tax position at the end of the income year and evaluate any year-end strategies that may be available to legitimately reduce their tax.   Traditionally, year-end tax planning for small businesses is based around two simple concepts (i.e., Accelerating business deductions and deferring income).  This year, consideration…
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Tax saving strategies prior to 1 July 2020 A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year, which will reduce overall taxable income in the current year.  Despite this, for the 2020 tax season, tax planning may require consideration of an individual’s potentially reduced…
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The Australian Taxation Office (‘ATO’) has announced a temporary simplified short cut method to make it easier for individual taxpayers to claim deductions for additional running expenses incurred (e.g., additional heating, cooling and lighting costs), as a result of working from home due to the Coronavirus pandemic. Refer to the ATO’s Media Release of 7…
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  The Federal Government has announced (as part of its Coronavirus Stimulus Package) the introduction of a new JobKeeper Payment to assist eligible employers (and self-employed individuals) who have been impacted by the Coronavirus pandemic to continue to pay their workers. The following is a broad summary of the key aspects of the proposed JobKeeper…
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  Tax-free payments for small and medium businesses have been increased to $100,000 each. Small and medium businesses will also now have access to cheap government guaranteed loans as part of the government’s $66 billion Coronavirus rescue package. The $100,000 can be used for wage subsidies. However workers who have been stood down or laid…
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As part of the government’s response to the Coronavirus epidemic, the government has included in its stimulus package a measure which will boost cash flow for businesses. This particular measure will provide small and medium-sized businesses up to $25,000 in payments with a minimum payment of $2,000 for eligible businesses. Businesses with an aggregated annual…
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