Taxpayers are reminded not to make the mistake of ‘double dipping’ on deductions (that is, claiming expenses twice) in their tax return this year. Some of theses ‘double dipping’ mistakes include: Working from home expenses A common mistake involves using the ‘shortcut method’ to claim working from home expenses and then claiming additional amounts for
Employers need to prepare for changes under STP expansion Single Touch Payroll (‘STP’) reporting has been expanded. This expansion, known as ‘STP Phase 2’, means that employers will need to start reporting extra information to the ATO each time they run their payroll. Some digital service providers (‘DSPs’) needed more time to update their products
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: Give the business extra time to pay its tax; Set up a payment plan
The distinction between who is an employee and who is an independent contractor has been an evolving and lengthy process. To check if your worker is an employee or contractor, you need to consider the whole working arrangement. There are a number of factors that need to be considered, not just the terms of the employment
The Government has recently extended the SME Recovery Loan Scheme by a further six months (to 30 June 2022) to support SMEs adversely economically affected by the Coronavirus Pandemic. Under the Scheme, eligible businesses can obtain loans through participating bank and non-bank lenders with the backing of a Government loan guarantee. Around 80,000 loans worth
With Christmas and New Year just around the corner, we would like to take the time to thank you for your continued support. Our office will be closed from the 17th of December and reopen on Monday the 10th of January 2022. From all of us at Omega, we wish you and your family a
Scamwatch is warning that scams cost Australian consumers, businesses and the economy hundreds of millions of dollars each year and cause serious emotional harm to victims and their families. Cryptocurrency scams are the most ‘popular’ type of investment scams, representing over 50% of losses. Often the initial investment amount is low (between $250 and $500),
As the Christmas / Year-End party season nears, a reminder about Fringe Benefit Tax (FBT) liability, noting the heightened risks this time of year traditionally brings. “After the year that’s been, some bosses may wish to treat their employees to a bigger than usual Christmas party or gift as a way of saying thank you.
APPLYING FOR A DIRECTOR IDENTIFICATION NUMBER Recent legislation has introduced new obligations for company directors requiring them to obtain a personal director identification number (‘Director ID’). Below, we highlight your new obligations and provide the appropriate information to ensure your ongoing director compliance. This is particularly important as failure to comply with these new Director
Australian businesses with long-term casual staff could face fines in excess of $66,000 if they fail to offer them permanent positions, says the Fair Work Ombudsman. From 27 September 2021, employers will need to contact casual staff, employed for at least 12 months, with a written offer to convert them to permanent employment. The requirement
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