Insights

Tax audit

ATO “keeping JobKeeper payment fair”

The ATO is using its compliance resources to maintain the integrity of the JobKeeper measure. While most businesses and employees have done the right thing, the ATO has identified concerning and fraudulent behaviour as well as claims by a small number of organisations and employees,

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Superannuation caps increased

Super contribution caps will increase from 1 July 2021

The ATO has confirmed that, from 1 July 2021, the superannuation concessional and non-concessional contribution caps will be indexed. The new caps for the 2021/22 year will be: Concessional Cap: $27,500 Non-Concessional cap: $110,000 (or $330,000 over 3 years) The total superannuation balance limit that

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Fringe benefits tax

FBT rates and thresholds for the 2021/22 FBT year

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 from $8,853

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Tax planning

Tax Planning

With the 2021 Financial Year end rapidly approaching, now is the time to take stock and take advantage of tax planning strategies. Depending on your situation, you might benefit from the following tips (of course, please contact us for a specific tax planning strategy): Businesses:

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Shortcut rate for claiming home office expenses extended

The ATO has extended (again) the ability to utilise the “shortcut rate” for claiming home office running expenses to 30 June 2021 (it previously only applied until 31 December 2020). The ATO’s guideline allows certain taxpayers to claim a fixed rate per hour (80 cents

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ATO data-matching programs

The ATO has announced it will engage in the following data-matching programs: it will acquire motor vehicle registry data from state and territory motor vehicle registry authorities for 2019/20 through to 2021/22, with records relating to approximately 1.5 million individuals to be obtained each financial

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Important changes to the Transfer Balance Cap (TBC)

The ATO recently announced the indexation of the General Transfer Balance Cap (TBC) to $1.7 million which will occur on 1 July 2021. As the ATO indicated, once indexation of the general transfer balance occurs, no single TBC will apply to all individuals. Instead, individuals

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Why it’s important to lodge on time

We encourage all of our clients to lodge their income tax returns and BAS’s on time, not only for their benefit (e.g. avoid incurring penalties) but also to keep our practice lodgement percentage high. Why does this matter? As a practice if our on-time lodgement

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Upcoming deadlines

Super Guarantee Contributions The deadline for Super Guarantee Contributions for Quarter 2 2020-2021 is 28 January 2021. Please remember to make contributions to funds by this date (and allow 3-4 days processing time) Employers who do not pay minimum super contributions for quarter 2 by

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Apprentice & Trainee Subsidies

To assist with the recovery from the impact of COVID-19, the Australian Government is providing support to all employers who engage a new Australian Apprentice. The $1.2 billion Boosting Apprenticeship Commencements wage subsidy will support businesses and Group Training Organisations to take on new apprentices

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New insolvency rules

Important changes to Australia’s insolvency laws commenced operation on 1 January 2021. The measures apply to incorporated businesses with liabilities less than $1 million and are expected to cover around 76 per cent of businesses currently subject to insolvency. The new rules do not apply

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