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...
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...
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...
Are you ready for Tax Time 2021?

Are you ready for Tax Time 2021?

Don’t jump the gun and lodge too early Tax time 2021 is almost here, but it’s likely to be anything but routine. Many people on reduced incomes or who have increased deductions may be eager to lodge their income tax returns early to get their hands on a refund....