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The peak season is here and this month we bring to you latest updates to Jobkeeper relief, insights on Taxable Payments Annual Report and Shortcut method for WFH. We touch upon PAYG withholding tax obligations for foreign resident employers and changes to FBT - Cars garaged at Employee's Home. The ...
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This month we bring to you top three lodgement issues highlighted by ATO for FY2019-20, CGT improvement threshold for FY2020-21.And summarised below are extensions announced on various COVID relief measures. ATO’s top 3 lodgment issues for FY2019-20Claiming multiple working from home m ...
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This month we bring to you Top tax time myths 2020, announcement from ATO on extension of Minimum Repayment period. We also look deeper on New reporting requirements by AASB for SMSFs. Finally, we look at Reduced SMSF related-party LRBA Rate for FY2020-21. ATO top tax time myths for 2020 ...
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This month we bring to you news on time discretion for ABN registration, announcements from South Australian Government on land tax. We also look deeper on New Private Health Insurance Rebate and Foreign Employment Income and S23AG Exemption. Finally, we look at SMSF Independent Auditor’s Report ...
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We are glad to share our May edition of Monthly update. Below are ATO and other major updates up to April 2020. Federal Child Care Relief PackageThe Prime Minister has announced $1.6 Billion of assistance to early leaning and childcare operators.Under the plan, the Government wi ...
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We are glad to share our April edition of Monthly update. Below are ATO and other major updates up to March 2020.FBT – Living away from Home Allowance reasonable amountsTaxation Determination TD 2020/4 sets out the weekly amounts, the ATO treats as reasonable for food expenses incurred ...
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ATO guidance on SMSFInvestment StrategyThe SMSFs return data in August 2019 indicated that 90% or more of the members’ retirement savings are invested in one asset or single asset class.The ATO has now provided guidance on what the trustees need to consider while drafting the investm ...
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Offshore Tax Evasions – Australians under InvestigationThe ATO has advised that the J5 Countries namely Australia, UK, USA, Canada & the Netherlands conducted a globally coordinated day of action against an international financial institution located in Central America suspected of faci ...
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Lodgment/Payment Deferral for Bushfire VictimsThe ATO has announced that they have granted 2 months deferral for lodgment & payment of taxes to the taxpayers affected by the recent bushfires in NSW & Queensland. It has also been informed that the taxpayers need not contact the ATO to ...
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Tax Agent Lodgment ConcessionsThe ATO has said that they will review the lodgment due dates & apply lodgment concessions as required for new clients added by the tax agents where overdue documents are being lodged. This can take up to 3 weeks to appear on the agent’s client list.Trea ...
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