Get ready for tax time 2021
Tax time 2021 is fast approaching, with the knowledge gleaned from the recent ATO statistics release that shows individual taxpayers carrying the majority of the tax burden, it is no surprise that the ATO is keeping a close eye on individual tax returns this year. Specifically, the ATO noted it will be focusing on work-related …
Long awaited FBT car parking ruling released
Businesses will finally have certainty on car parking fringe benefits with the release of a long awaited ruling that provides clarification on the meaning of a commercial car parking facility. This new definition differs from the previous ATO view that car parking facilities with a primary purpose other than providing all day parking were not …
Private health insurance rebate frozen
Is your private health insurance getting more expensive every year? Part of the reason could be that the government has once again introduced legislation to freeze the private health income thresholds. While the government likes to blame the private health funds for hikes adding to the cost of living, the reality is that the income …
ATO compliance: economic stimulus measures
Businesses that have utilised economic stimulus measures such as loss carry-back, temporary full expensing and accelerated depreciation need to take extra care this tax time. The ATO is increasing its scrutiny and will be reviewing all claims as a part of its compliance activity. It will be actively looking for signs that businesses are entering …
Using the margin scheme on property sales
If you’re in the business of selling property and paying less GST sounds good from a cash flow point of view, then the margin scheme might be right for you. The use of the margin scheme means that instead of paying GST equal to 1/11th of the sale price, you’re able to pay GST equal …
Discretion to retain refunds extended to income tax
If your business has outstanding ATO lodgments or other notifications, the ATO now has the power to retain your income tax refund. This previously only applied to business activity statements, but the government extended the ATO’s power combat phoenixing activities. The ATO notes that these new powers to retain refunds will not be taken lightly …
Can I be released from my tax debts?
Individuals finding themselves in financial strife with an ATO debt may be able to apply to be permanently released from the debt. There are conditions attached to the debt release including not being able to provide for yourself, your family or others that you’re responsible for due to the debt. Once you apply, the ATO …
2021 FBT return due soon
The 2021 FBT return for the period 1 April 2020 to 31 March 2021 is due soon. For those businesses that prepare their own returns, lodgment of the return can be made up until 25 June 2021 without incurring a failure to lodge on time penalty. Although the associated FBT liability must be paid by …
Financial help for relocating job seekers
Need help to relocate to take up a job? The government is now offering relocation assistance of up to $9,000 to help job seekers. Those that relocate to a regional area with a dependent may be eligible for the full $9,000, while those that relocate to another capital city (with a lower unemployment rate) with …