Building delays may cost you in more ways than one
If you’re building or substantially renovating your home, delays may end up costing you more than just money now. Most of Australia has been experiencing a building boom fuelled by government policy such as the HomeBuilder scheme and a general desire to make our...
Overview of small business CGT concessions
Do you know if your business is eligible to claim small business CGT concessions? If you’re thinking of retiring or selling your business find out more. If you’re a small business owner and the pandemic has made you reassess your future, whether it be retirement or...
Data-matching: Medicare Exemption Statement
ATO has announced the extension of its Medicare exemption statement data-matching program. As the year draws to an end, the ATO has extended another data-matching program, this time into the Medicare Exemption Statement (MES). The MES is a statement that outlines the...
Up and coming changes to super
Changes to the work test, downsizer contributions, first home super saver scheme, and the minimum threshold for super guarantee has been introduced. How will these changes to super affect you? The government has recently introduced a raft of superannuation and related...
ATO’s use of the GST Analytical Tool
Details have been released on the GST Analytical Tool (GAT) used by the ATO in GST reviews and assurance. So, how does it work? The ATO says this tool is used to obtain assurance that business taxpayers are paying the right amount of GST. It uses a standard method...
Claiming tax losses: make sure you pass the test
Need to lower your company’s tax payable? The easiest way is to utilise prior-year tax losses, however, beware of conditions that apply With tax time 2021 nearly over, many businesses will now be finalising their tax returns. For many of these businesses, the 2020-21...
Deadline for Director Identification Number applications
The Director Identification Number regime is coming, with the application process to open soon. Do you know if it applies to you and what the deadlines are? The Director Identification Number regime came into force late in 2020 as a tool for the government to reduce...
ATO scrutinising gifts or loans from overseas
Taxpayers that have received gifts or loans from overseas family and relatives beware, the ATO is currently scrutinising these types of transactions. The ATO has recently issued an alert, warning taxpayers against disguising undeclared foreign income as gifts or loans...
COVID-19 relief for SMSFs extended
The ATO has announced the extension of various COVID-19 relief for SMSF trustees to the 2021-22 financial year. Due to the ongoing economic impacts of COVID-19 on large parts of Australia, in particular, those States and Territories which have had to endure lengthy...
Medium and emerging private groups ATO program
The ATO is continuing to run the medium and emerging private groups program, if you and your associates have “wealth” over $5m you could be targeted. The ATO runs many compliance programs targeting privately owned and wealthy groups, while the majority of the...