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 […]
Employers need to apply recent tax cuts as soon as possible
The ATO has now updated the tax withholding schedules They reflect the 2020/21 income year personal tax cuts. Updated schedules are available at ato.gov.au/taxtables. The ATO has said that employers now need to make adjustments in their payroll processes and systems in order for the tax cuts to be reflected in employees’ take-home pay. Employers […]
Tax cuts pass Parliament
The Government announced various tax measures in the 2020 Budget It was able to secure passage of legislation containing some of the important measures very shortly afterwards, as summarised below. Tax relief for individuals The Government brought forward ‘Stage two’ of their Personal Income Tax Plan by two years, so that, from 1 July 2020: […]
Tax cuts become law
Immediate tax relief passed The Government has announced that more than 10 million Australians will receive immediate tax relief following the passage of legislation through the Parliament, which increases the top threshold for the 19% tax rate from $41,000 to $45,000 and increases the low-income tax offset from $645 to $700 in 2022/23. In combination […]
What is a family trust?
Is a family trust a good solution for you? Family trusts can help you protect your assets, manage your family’s tax more efficiently and enable you to provide an income stream to a vulnerable family member. To decide whether a family trust could be good for your family it’s important to understand how they work and […]
ATO lodgment obligations
External collection agencies to enforce ATO lodgment obligations The ATO has finalised a trial relating to sending overdue taxpayer lodgment obligations to external collection agencies. As a result, it may now refer taxpayers to an external collection agency to secure tax return lodgment. The ATO has stated that it will only refer a taxpayer to […]
Electronic sales suppression tools
Ban on electronic sales suppression tools From 4 October 2018, the Government has banned activities involving electronic sales suppression tools (ESST) that relate to people or businesses that have Australian tax obligations. The production, supply, possession or use of an ESST (or knowingly assisting others to do so) may attract criminal and administrative penalties. ESSTs […]
Beware of fake tax debt scam
Scammers impersonating tax agents The ATO has received increasing reports of a new take on the ‘fake tax debt’ scam, whereby scammers are now impersonating registered tax agents to lend legitimacy to their phone call. The fraudsters do this by coercing the victim into revealing their agent’s name and then initiating a three-way phone conversation […]
Business tax cuts
Fast-tracking tax cuts for small and medium businesses The Government has fast-tracked the already legislated tax cuts to small and medium businesses by bringing them forward five years. Companies with an aggregated turnover of less than $50 million will have a tax rate of 25% in the 2022 income year (instead of the 2027 income […]
Mythbusting super
5 super myths explained Although most of us have money in super, there are still some myths and misconceptions surrounding it. Myth 1: Super is a form of tax It’s understandable that some people think super is a form of tax. After all, you’re likely to see super payments on your payslip near the amount […]
