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Single touch payroll
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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Tax deductibility of COVID-19 test expenses   After much speculation, the Government announced that COVID-19 tests, including Polymerase Chain Reaction (‘PCR’) and Rapid Antigen Tests (‘RATs’), will be both:
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ATO support for businesses in difficult times   The ATO has reminded taxpayers that it has a range of support available for small businesses experiencing difficult situations, such as natural disasters, mental health challenges or financial hardship. Depending on the business taxpayer’s circumstances, the ATO may be able to:
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Extra super step when hiring new employees   Employers may soon need to do something extra when a new employee starts to work for them.
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Reminder of superannuation caps indexation for 2022   From 1 July 2021, the superannuation contributions caps have been indexed for the 2022 income year.
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JobKeeper declaration due 14 June Businesses that have enrolled in the JobKeeper Scheme and identified their eligible employees are reminded that they will need to make a monthly declaration to the ATO to ensure they continue to receive JobKeeper payments. The monthly declaration must be made by the 14th day of each month to claim…
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Court confirms ATO’s position on foreign income tax offsets The ATO has welcomed the decision of the High Court to basically uphold the decision of the Full Federal Court in a case which the ATO won, in relation to foreign income tax offsets (‘FITO’). An Australian tax resident had sold some US investments and paid…
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Single touch payroll (STP) is an initiative by the Australian government which requires all employers to report their employees’ payroll information electronically to the ATO portal for each payroll cycle, whether this be weekly, fortnightly or monthly.
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