New data matching program: government payments
Businesses that provide various services on behalf of the Commonwealth will be caught up in a new data-matching program designed to identify and address non-compliance with tax and super obligations. This program will obtain information from various government agencies including Comcare, Department of Education, Department of Health, and National Disability Insurance Agency in relation to …
COVID-19 lockdown support: NSW and Victoria
If your business is currently in lockdown in NSW or Victoria, don’t fret, financial help is here from both the State and Federal governments. Depending on the length of the lockdown, businesses may be eligible to receive a co-funded small and medium business support payment, as well as various cash grants. Eligible NSW businesses may …
ATO data matching of lifestyle assets extended
Even among the doom and gloom of the pandemic lockdowns, the ATO continues to march on with its data matching programs. This time it has extended a previous data-matching program targeting the owners of lifestyle assets including marine vessels, motor vehicles and caravans, thoroughbred horses, fine art, and aircrafts. Data will be collected from various …
Financial Stability Review – October 2021
The Financial Stability Review provides the Bank’s assessment of the current condition of the financial system and potential risks to financial stability. The Review is issued half-yearly. Source: https://www.rba.gov.au/publications/fsr/2021/oct/index.html
Workplace giving vs salary sacrifice donations
Have you made a donation either through workplace giving or salary sacrifice arrangements with your employer? If so, and you want to claim a deduction in your tax return, you’ll need to be careful as the tax treatment differs depending on which method you used to make the donation. For donations made outside the workplace …
Hardship priority processing of tax returns
It’s tax time again and if your business is experiencing financial difficulties due to the latest lockdowns, the ATO may be able to help by processing your tax return faster and expedite any refund to you. To be eligible for priority processing, you’ll need to apply to the ATO and provide supporting documents dated within …
ATO continues to target individuals: novated leases
As 2021 calendar year hits the half way mark, the ATO is continuing with its playbook of targeting individual taxpayers. This time, it is targeting taxpayers that have entered into novated leases to obtain vehicles. Data will be obtained from various novated lease companies for the 2018-19 to 2022-23 financial years to ensure that individuals …
Div 7A minimum payment extension due to COVID
With large swathes of Australia in the midst of another lockdown, the persistent effects of COVID-19 continues to hamper the economy and causing hardship for individuals. To assist shareholders or associates that have difficulty meeting minimum yearly payments under Div 7A, the ATO has announced a concessional extension to the payments until 30 June 2022. …
ATO turns its attention to crypto
Individuals and businesses trading in cryptocurrency and non-fungible tokens beware, the ATO is cracking down on those not including their capital gains or losses in their tax returns. Although many people think crypto is relatively anonymous, the ATO is obtaining transaction data from cryptocurrency designated services providers for its data-matching program, and closely monitoring where …