Working from home: what can I deduct?
With the majority of Australia now under lockdown to slow the COVID-19 pandemic, many employers are either encouraging their employees to work from home or have now instituted mandatory work from home policies. While working from home has its benefits, there may be extra expenses too, ranging from printing costs, the need for more internet …
Death and taxes: ATO improvements coming soon?
In a bid to improve the experience of taxpayers when dealing with the ATO in relation to deceased estates, the Inspector General of Taxation and Taxation Ombudsman (IGTO) has recently completed a report which identified opportunities to improve tax administration and cut unnecessary tax compliance. The report covers some 130 complaints made to the IGTO …
Future of SMSFs
Before the disruption of the Coronavirus epidemic, the government confirmed it would go ahead with various proposals to improve the SMSF and super sector including flexibility measures. This included increasing the SMSF member limit, changes to the work test, bring forward rule and spousal contributions. However, since the epidemic, the earliest these measures could conceivably …
Don’t jump the gun and lodge too early
If you’re a retail or hospitality worker, 2020 has perhaps not been the best year. However, as with everything, there is a silver lining, with tax time just around the corner, you may be able to get a larger refund than usual. This is due to either being on reduced incomes or having the ability …
JobKeeper: ATO compliance on “schemes”
Businesses that have applied for the JobKeeper now have some certainty on the integrity provision contained in the legislation. The ATO has released details of its administrative approach, in particular when it will apply compliance resources to investigate whether there has been breaches of the law. In general, it notes that resources will only be …
COVID-19 recovery grant for NSW small businesses
Small businesses that are gradually opening back up now has extra support from the NSW government. Those that meet certain criteria including experiencing a decline in turnover may be eligible for a small business recovery grant of between $500 to $3,000. The grant is designed to help small businesses meet the costs of safely reopening …
ATO compliance: COVID-19 support measures
With many Australian businesses taking part in the government’s COVID-19 stimulus package including the JobKeeper and the cash flow boost, the ATO has now commenced a compliance program to weed out those that are exploiting the stimulus; in order to level the playing field for the majority of businesses that are doing the right thing. …