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 …
Employee or independent contractor: Impacts for PAYG & SG Read More »
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 …
In 2019/20, over 1.8 million Australians owned rental properties and claimed $38 billion in deductions, so the ATO is reminding property investors to beware of common tax traps that can delay refunds or lead to an audit costing taxpayers time and money. The most common mistake rental property and holiday homeowners make is neglecting to …
ATO warns property investors about common tax traps Read More »
Treasury has released draft legislation introducing the long-awaited third party reporting regime (proposed to apply from 1 July 2022). The new regime will initially require ride-sharing and short term accommodation online platform operators to report transactions they facilitate directly to the ATO. This measure was first announced in the 2020 MYEFO (following a recommendation from …
The ‘gigs up’ with a new sharing economy reporting regime Read More »
The ATO has advised that it will engage in two new data-matching programs, as outlined below: • The ATO will acquire novated lease data from McMillan Shakespeare Group, Smartgroup Corporation, SG Fleet Group, Eclipx Group, LeasePlan, Toyota Fleet Management, LeasePLUS, and Orix Australia for 2018/19 through to 2022/23 financial years (relating to approximately 260,000 individuals …
Passenger movement data-matching program The ATO will access data from the Department of Home Affairs on passenger movements during the 2016/17 to 2022/23 financial years, and match it with certain sections of ATO data holdings to identify taxpayers that can be provided with tailored information to help them meet their tax and superannuation obligations, or …
The ATO has confirmed that, from 1 July 2021, the superannuation concessional and non-concessional contribution caps will be indexed. The new caps for the 2021/22 year will be: Concessional Cap: $27,500 Non-Concessional cap: $110,000 (or $330,000 over 3 years) The total superannuation balance limit that determines if an individual has a non-concessional contributions cap of …
Super contributions caps will increase from 1 July 2021 Read More »
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