2021/22 Individual Tax Return Checklist
Tax saving strategies prior to 1 July 2022 Your Checklist Claims for deductions Receipts for deductions Car claims and log books Please review the information below and contact our office if you need assistance. A strategy often used to reduce taxable income (and, in turn, tax payable) in an income year is to bring forward […]
ATO business support
ATO support for businesses in difficult times The ATO has reminded taxpayers that it has a range of support available for small businesses experiencing difficult situations, such as natural disasters, mental health challenges or financial hardship. Depending on the business taxpayer’s circumstances, the ATO may be able to: give the business extra time to pay […]
Managing business cash flow
The ATO has issued a reminder to businesses It asserts that paying regular attention to record-keeping and reporting tasks will help firms better manage their cash flow and allow them to plan for the future. The best way to make sure a business has enough cash available to meet its tax and other obligations is […]
Documenting gifts or loans from related overseas entities
Disguising undeclared foreign income as a gift or loan The ATO is currently reviewing certain arrangements where Australian taxpayers seek to disguise undeclared foreign income as a gift or loan. Genuine gifts or loans received from related overseas entities (including family members and friends) are sometimes used to fund businesses or to acquire income-producing assets. […]
Reminder for first-time share investors to declare income
Exchange Traded Funds (‘ETF’) investors With the growth of micro-investment platforms helping new investors enter the market, the ATO has issued a reminder for first-time share and Exchange Traded Funds (‘ETF’) investors. The ATO is concerned that first-time investors often do not understand their tax obligations in relation to reporting capital gains from the sale […]
Taxable Payments Annual Reporting
Taxable Payments Annual Reports (‘TPARs’) due 28 August 2021 TPARs are due to be lodged for businesses who have paid contractors to provide the following services: building and construction; cleaning; courier, delivery or road freight; information technology (‘IT’); or security, surveillance or investigation. With specific reference to the TPAR due on 28 August 2021, the […]
Lost, damaged or destroyed tax records
The ATO knows that many taxpayers are facing lasting impacts left in the wake of natural disasters. As such, if they find their records have been lost or destroyed, whether in cyclones, floods or bushfires, the ATO can help. According to ATO Assistant Commissioner: “If you have a myGov account linked to the ATO, you’ll […]
Common business errors at tax time
Avoiding small business tax time errors The most common errors small businesses make when completing their tax returns are failing to: declare all income account for private use of business funds or assets keep all required records or have adequate record-keeping systems. To avoid making errors this tax time, first ask yourself if you have: […]
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 predicted to decrease in this year’s tax returns. Assistant Commissioner Tim Loh noted that COVID-19 has changed people’s work habits, so the ATO expects their work-related expenses will reflect this. […]
FBT rates and thresholds for the 2021/22 FBT year
Updated FBT rates and thresholds for the 2021/22 FBT year have been released The ATO has updated its webpage containing the fringe benefits tax (‘FBT’) rates and thresholds for the 2017/18 to 2021/22 FBT years. Two amounts that were not previously announced for the 2021/22 FBT year are: the FBT record-keeping exemption is $8,923 (up […]
