Our Insights
Extension on Division 7A loan repayments
Extension of time to make repayments on Division 7A loans To offer more support due to the ongoing effects of COVID-19, an extension of the
Super guarantee contribution due
Super guarantee contribution due date for June 2021 quarter The due date for employers to make super guarantee contributions for their employees for the June
ATO property data-matching programs
New ATO data-matching programs involving property The ATO has advised that it will engage in two new data-matching programs dealing with property transactions, as follows:
Cryptocurrency tax obligations
Cryptocurrency under the microscope this tax time The ATO is concerned that many taxpayers believe their cryptocurrency gains are tax-free, or only taxable when the
2020/21 Individual Tax Return Checklist
Tax saving strategies prior to 1 July 2021 A strategy often used to reduce taxable income (and, in turn, tax payable) in an income year
Work related expenses reminder
ATO warns on ‘copy/pasting’ claims The ATO is alerting taxpayers that its sights are set on work-related expenses like car and travel claims that are
Family assistance payments
Child Care Subsidy and Family Tax Benefit payments deadline The ATO has reminded individuals receiving Child Care Subsidy and Family Tax Benefit payments from Services
2020/21 Year-end Checklist for Business
Traditionally, year-end tax planning for small businesses is based around accelerating deductions and deferring income However, this year, consideration will also need to be given
Family business succession planning guide
New succession planning guide for family businesses The Australian Small Business and Family Enterprise Ombudsman, in conjunction with Family Business Australia, has released a new
JobKeeper fraud criminal conviction
First criminal conviction for JobKeeper fraud A person claiming to be a sole trader was convicted of three counts of making a false and misleading
2021/22 Federal Budget
Omnis Group Federal Budget Summary 2021/22 Key points covered by this summary: Personal income tax changes Changes affecting business taxpayers Superannuation related changes 1. Personal
Warning regarding new illegal retirement planning scheme
The ATO recently identified a new illegal retirement planning scheme SMSF trustees were informed that they could set up a new SMSF to roll-over the
