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COVID-19 lockdown support
COVID-19 lockdown support

COVID-19 lockdown support: NSW, Vic and SA If your business or employment income has been affected by recent COVID-19 related lockdowns in New South Wales, Victoria and South Australia, financial help is available from both the state and Federal governments. Depending...

Super Guarantee
Super Guarantee

Employers beware: increase in super guarantee From 1 July 2021, the rate of super guarantee increased from 9.5% to 10%. Businesses using manual payroll processes should be careful that this change doesn’t lead to unintended underpayment of super, which may attract...

Salary sacrifice donations
Salary sacrifice donations

Workplace giving versus salary sacrifice donations Have you made donations either through workplace giving or salary sacrifice arrangements with your employer? If so, and you want to claim a deduction in your tax return, it’s important to know that the tax treatment...

Priority Tax Return Processing
Priority Tax Return Processing

Hardship priority processing of tax returns If your business is experiencing financial difficulties due to the latest lockdowns, the ATO may be able to help by processing your tax return faster and expediting the release of any refund to you. To be eligible for...

ATO tax time support
ATO tax time support

ATO tax time support: COVID-19 and natural disasters The ATO has a range of year-end tax time options to support taxpayers who have been affected by the COVID-19 pandemic and recent natural disasters. Income statements can be accessed in ATO online services through...

SMSFs Assets & Collectables
SMSFs Assets & Collectables

Personal use assets and collectables in SMSFs Would you like to hold a wine collection, artworks, or a classic car in your self managed superannuation fund (SMSF)? Well, you can if you follow some strict rules. Firstly, the investment in collectibles or personal use...

ATO Compliance
ATO Compliance

ATO compliance: economic stimulus measures Businesses that have accessed government economic stimulus measures need to take extra care this tax time. The ATO has announced that it will increase its scrutiny, conducting compliance activity on various economic stimulus...

Cryptocurrency Trading
Cryptocurrency Trading

Cryptocurrency trading is subject to tax: new ATO data-matching program Over 600,000 Australian taxpayers have invested in crypto-assets in recent years. The ATO has recently issued a reminder that although many people may believe that gains made through...

Private Health Insurance
Private Health Insurance

Private health insurance rebates frozen Is your private health insurance getting more expensive every year? Part of the reason could be that the government has once again introduced legislation to freeze the related income thresholds, which were originally meant to be...

COVID Disaster Payments
COVID Disaster Payments

Temporary COVID Disaster Payment now available The Federal Government has announced a temporary COVID Disaster Payment to assist workers who live or work in a Commonwealth declared hotspot, who are unable to attend work and earn an income as a result of state-imposed...

Beware: phishing and investment scams on the rise
Beware: phishing and investment scams on the rise

Emails impersonating myGov The ATO and Services Australia have issued a warning about a new email phishing scam doing the rounds. The emails claim to be from “myGov” and include screenshots of the myGovID app. myGovID can be used to prove who you are when accessing...

2021 FBT returns are due
2021 FBT returns are due

If your business has provided fringe benefits to your employees, you should be aware that the 2021 FBT return (for the period 1 April 2020 to 31 March 2021) is due, and payment of any associated FBT liability is required immediately. If you prepare your own return, it...

ATO’s discretion to retain refunds extends to income tax
ATO’s discretion to retain refunds extends to income tax

As a part of a suite of measures introduced by the government to combat phoenixing activities, the ATO now has the power to retain an income tax refund where a taxpayer (including both businesses and individuals) has outstanding notifications. The discretion to retain...

Can I be released from my tax debts?
Can I be released from my tax debts?

As the economy adjusts to the removal of most COVID-19-related government support measures, coupled with the slow national vaccination rollout and mostly closed international borders, there is no doubt that many Australians are facing financial difficulties in the...

ATO data-matching targets rental property owners
ATO data-matching targets rental property owners

The ATO has announced it will run a new data-matching program to collect property management data for 2018–2019 to 2022–2023 financial years and will extend the existing rental bond data-matching program through to 30 June 2023. Each year the ATO conducts reviews of a...