Our Recent Blogs
Get on the front foot with business tax debts.
The ATO have advised us that they have resumed their debt collection activities in the small-business sector after a pause last year during lockdown. This means businesses need to really focus on clearing the debt as the ATO pursues harder collection measures.
Employers need to prepare for changes under STP expansion.
Single Touch Payroll ('STP') reporting has been expanded.
This expansion, known as ‘STP Phase 2’, means that employers will need to start reporting extra information to the ATO each time they run their payroll.
Get ready for super changes from 1 July 2022.
As the new financial year approaches, employers need to be aware of two important super changes.
ATO priorities this tax time.
The ATO has announced four key areas that it will be focusing on for Tax Time 2022…
JobMaker Year 2 adjusting baseline headcount.
If you have been claiming the JobMaker Hiring Credit, please be aware that the ATO will now calculate an adjusted baseline headcount for the claim. The ATO will amend the prefill in the claim form based on information provided in earlier claims.
Higher PAYG withholding rates continue to apply to backpackers.
The High Court has held that the 'working holiday maker tax' (also known as the 'backpackers tax') did not apply to a taxpayer on a working holiday visa from the United Kingdom who was also an Australian tax resident.
Re-contribution of Covid-19 early release super amount.
Individuals can now re-contribute amounts they withdrew under the COVID-19 early release of super program without the re-contribution counting towards their non-concessional contributions cap.
Penalties for overdue TPAR.
The Taxable payments annual report (‘TPAR’) must be lodged by 28 August each year. Taxpayers who operate in certain industries and that make payments to contractors may need to report these payments in a TPAR.
Super changes and full expensing 12-month now law.
A plethora of superannuation law tweaks has recently been made (via recent legislative reforms)…
12-month extension of the temporary loss carry-back measure.
As announced in the 2020/2021 Federal Budget, legislation has now passed to allow eligible corporate entities (i.e., with, amongst other things, an aggregated turnover of less than $5 billion) a 12-month extension to claim a loss carry-back tax offset in the 2023 income year.
Fuel tax credit rates have changed.
As announced in the 2022-23 Federal Budget, fuel excise and excise equivalent customs duty (excise) rates for petrol, diesel and all other fuel and petroleum-based products, except aviation fuels, will be halved temporarily for 6 months, from 30 March to 28 September 2022.
2022/23 Federal Budget: Other budget announcements including Superannuation.
The latest Federal Budget was announced last week. Here are some of the most important things you need to know for this new financial year.
2022/23 Federal Budget: Personal income tax changes.
The latest Federal Budget was announced last week. Here are some of the most important things you need to know for this new financial year.
2022/23 Federal Budget: Changes affecting business taxpayers.
It's time to look at the latest Federal Budget announcement, and at important changes affecting business taxpayers. Here are some of the most important things you need to know.
ATO Offers Support For Small Businesses Going Through Difficult Times.
Helping Small Businesses To Get Back On Track: A blog about the ATO's Taxpayer Assistance Program and what it offers to small businesses.
COVID-19 vaccination incentives and rewards.
The ATO has reminded employers to consider their tax and super obligations when employees are provided with incentives or rewards for getting their COVID-19 vaccination.
Government extends SME Recovery Loan Scheme to 30 June 2022.
The Government has recently extended the SME Recovery Loan Scheme by a further six months (to 30 June 2022) to support small and medium sized businesses adversely economically affected by the Coronavirus Pandemic.
Why you should factor in $3 per litre in fuel.
Fuel prices, where do we start? Filling your car up is now costing 40-50% more than it did a month ago. For the everyday consumer this may mean an extra $20-$50 a week, but for business it’s a lot more – for not only running your own vehicles and machinery but also price increases from suppliers. It’s not just fuel that will rise – inflation will see prices rise for everything from your daily coffee to your rent.
New Covid-19 financial support for WA businesses.
The McGowan Government announced that they would provide additional support for WA businesses most impacted by level two COVID restrictions that started last Thursday.
Treasurer unveils COVID-19 tests will now be classed a tax deduction.
Treasurer Josh Frydenberg provided a number of updates and announcements, including confirmation the federal government would look to ensure COVID-19 testing expenses are tax deductible when they are purchased for work-related purposes, giving businesses and individuals clarity and assurance.