Temporary COVID disaster payment:
- This is available for workers who reside or work in a ‘Commonwealth declared hotspot’, who are unable to attend work and earn income due to state-imposed restrictions
- This is available for Australian citizens, permanent residents & eligible work VISA holders
- The payment is available as below:
|Losing 20 hours or more of work||$500/week|
|Losing less than 20 hours of work||$325/week|
Luxury Car depreciation limit
- The Luxury Car depreciation limit has been increased to $60,733 for FY2021-22
- It was previously $59,136
ATO expresses concerns on Cryptocurrency Tax obligations
- ATO is concerned that most taxpayers believe their cryptocurrency gains are tax free or only taxable when the holdings are cashed back into AUD
- The taxpayers also think the anonymity of cryptocurrencies provide license to ignore their tax obligations
- ATO has reminded that any gains from cryptocurrency are like gains from other investments and will be subject to capital gains tax
- ATO to educate taxpayers by explaining their tax obligations on this and urging them to review their previously lodged tax returns
Tax/BAS Agent application fees
The Tax/BAS Agent application fees from 1st July 2021 is as below
|Tax Agent||$704 (previously $700)|
|Tax (financial) Advisers||$563 (previously $560)|
|BAS Agent||$141 (Previously $140)|
The above fees are not subject to GST.
The ATO has reminded that the Income Statements that can be access through the ATO online services are to be finalized by 14th July 2021.
IPA Australia cautions taxpayers
- IPA Australia has cautioned taxpayers lodging their tax returns too early
- Taxpayers are to ensure that they have included income from all sources
- The ATO receives third party information as part of data matching program, which then populates into the taxpayers Pre – Filling report
- This Pre – Filling information can take some time to appear after the end of the financial year
Increase in SMSF membership
From 1 July 2021, self-managed super funds (SMSF) and small APRA funds (SAFs) will be able to have up to six members.
Updates to SMSF independent auditor’s report from 1 July 2021
ATO has published a new version of the self-managed super fund independent auditor’s report that must be used for audits completed after 1 July 2021.
Updated personal transfer balance cap available online from 15 July 2021.
Members will be able to view their personal transfer balance cap($1.6M to $1.7M) in ATO Online and their agents will be able to view this information in Online Services for Agents.