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 […]
2020/21 Federal Budget Summary
Omnis Group Federal Budget Summary 2020/21 Key points Changes to personal income tax rates Expanding access to Small Business Tax Concessions JobMaker Hiring Credit Uncapped immediate write-off for depreciable assets Temporary loss carry back for eligible companies Reducing the compliance burden of FBT recordkeeping 1. Personal income tax changes 1.1 Changes to personal income tax […]
ATO on property investments
Investing in property? The ATO has reminded taxpayers in a property business or thinking about investing in property that there are things they should know. Such as: they need a clearance certificate from the supplier when buying property over $750,000; they may have to pay the GST on the sale of brand new residential property […]
