2020/21 Individual Tax Return Checklist
June 2, 2021
Tax saving strategies prior to 1 July 2021. A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year, which will reduce overall taxable income in the current year. A certified tax advisor can help with tax minimisation strategies and planning Tax Return Checklist: Claims for…
Read MorePractice Update June 2021
June 2, 2021
Practice Update June 2021 covers following points: Cryptocurrency under the microscope this tax time ATO warns on ‘copy/pasting’ claims Family assistance payments Temporary reduction in pension minimum drawdown rates extended Super Guarantee rate rising from 1 July 2021 Do you use the Small Business Superannuation Clearing House? Car parking threshold for 2022 FBT year Luxury…
Read MorePractice Update May 2021
May 4, 2021
Practice Update May 2021 covers following points: Government proposal to modernise business communications Independent review service for small business made permanent ATO asks businesses to check if they are still using their ABNs ATO “keeping JobKeeper payment fair” Passenger movement data-matching program Super contribution caps will increase from 1 July 2021 Click here for Practice…
Read MorePractice Update April 2021
April 15, 2021
Practice Update April 2021 covers following points: JobKeeper comes to an end ATO loses case on JobKeeper and backdated ABNs ATO’s taxable payments reporting system update FBT rates and thresholds for the 2021/22 FBT year First criminal conviction for JobKeeper fraud Warning regarding new illegal retirement planning scheme New succession planning guide for family businesses…
Read MorePractice Update March 2021
March 2, 2021
Practice Update March 2021 covers following points: Changes to STP reporting concessions from 1 July 2021 Paper PAYG and GST quarterly instalment notices Avoiding disqualiication from SG amnesty Click here for Practice Update March 2021
Read MorePractice Update January/February 2021
February 8, 2021
Practice Update January/February 2021 covers following points: New measures applying from 1 January 2021 SMSF related party rental income deferrals due to COVID-19 ATO data-matching programs Shortcut rate for claiming home office expenses extended AAT decision on JobKeeper and backdated ABNs JobMaker Hiring Credit scheme: Claims open from 1 February 2021 Cash payment limit Bill…
Read MorePractice Update December 2020
January 27, 2021
Practice Update December 2020 covers following points: Improvements to be made to full expensing measure JobMaker Hiring Credit Passed How to avoid getting dodgy Advice STP data-sharing with Services Australia ATO Visa Data Matching Program Proposed FBT exemption – retraining and reskilling Getting the margin scheme right Click here for Practice Update December 2020
Read MorePractice Update November 2020
November 17, 2020
Practice Update November 2020 covers following points: Tax cuts pass parliament Simplified home office expense deduction claims due to COVID-19 Companies holding meetings and signing documents electronically Employers need to apply recent tax cuts as soon as possible Deferrals of interest due to COVID-19 COVID-19 and loss utilisation Employees on JobKeeper can satisfy the ‘work…
Read MorePractice Update October 2020
October 13, 2020
Practice Update October 2020 covers following points: Special COVID-19 Superannuation Condition of Release Extended Deduction for work-related vehicle expenses disallowed Tax treatment of JobKeeper Payments Click here for Practice Update October 2020
Read MorePractice Update September 2020
September 10, 2020
Practice Update September 2020 covers following points: Superannuation guarantee rate increase update Superannuation guarantee amnesty ends 7 September 2020 JobKeeper 2.0 – tweaks to the ‘Decline in Turnover’ Tests Expanded eligible employee definition for JobKeeper Click here for Practice Update September 2020
Read MorePractice Update August 2020
August 5, 2020
Practice Update August 2020 covers following points: Extension of the JobKeeper Payment Additional new turnover tests The extended JobKeeper Payment Rates 80 cents per hour ‘shortcut’ method for home office expenses has been extended Click here for Practice Update August 2020
Read MorePractice Update July 2020
July 3, 2020
Practice Update July 2020 covers following points: Treasury Laws Amendment (2020 Measures No 3) Bill 2020 Regulations confirm no SG obligation on JobKeeper payments where work is not performed Treasury Laws Amendment (2019 Measures No 3) Bill 2019 COVID-19 and Division 7A relief Click here for Practice Update July 2020
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