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 income tax changes 1.1 Retaining the Low and Middle Income Tax Offset (‘LMITO’) for the 2022 income year The Government has announced that it will retain the LMITO for one […]
WA Bushfires 2021
If you’re facing problems with your tax affairs due to bushfires, the ATO will work with you to get things back on track. Depending on your circumstances, they may: give you extra time to pay tax or lodge tax forms, such as activity statements or other returns find your tax file number (TFN) by verifying […]
From the desk of Justin Flavel, Spring 2020
The business market is extremely odd; some industries definitely need the extended JobKeeper payment whilst others are having record months. It has been a challenging period for all over the last 6 months and we believe it is going to be an unstable environment for many months still to come. If your business has not […]
Natural disaster SMS scam
SMS scam targeting natural disaster victims The ATO is warning the community about a new SMS scam which promises an 8% bonus on 2020 tax returns to victims of recent natural disasters. The scam text message says: “Due to natural disasters, Australians are entitled to an 8% bonus on their tax return. Please begin the […]
Bushfire crisis response
The ATO’s Bushfire crisis response In response to the devastating bushfires across large parts of Australia, the ATO has been keen to advise those impacted that it understands peoples priority is their family and community. If taxpayers live in one of the identified impacted postcodes, the ATO will automatically defer any lodgments or payments, meaning […]
Bushfire assistance
ATO November 2019 bushfire assistance Following the devastating bushfires across large parts of NSW and Queensland in November, the ATO has offered ongoing support. In particular, a specific helpline (1800 806 218) has been established that can be used by those impacted to seek assistance, such as to: obtain extra time to pay tax debt […]
ATO recommends updating ABN details
ATO recommends updating ABN details for disastrous reasons The ATO has provided a novel, though important, reason for businesses to update their ABN details: to help businesses to manage the coming disaster season. ABN details are used by emergency services and government agencies to help identify and contact businesses during times of emergency and potential […]
Other Federal Budget changes
Other announced changes Increased refunds for eligible primary producers and tourism operators The Government will provide further relief to farmers and tourism operators by amending the luxury car tax refund arrangements. For vehicles acquired on or after 1 July 2019, eligible primary producers and tourism operators will be able to apply for a refund of […]
