ATO WFM Shortcut Method

ATO Guidance: Working From Home Shortcut

The Australian Taxation Office has extended the working from home (WFH) shortcut method to 30 June 2022. The temporary shortcut method has been available for employees who worked from home and incurred some additional running expenses as a result. It allows them to easily work out their WFH expenses from 1 March 2020 to 30 June 2020,…
The ATO has begun utilising new powers that will allow it to disclose business tax debts to credit reporting bureaus, sparking concerns as businesses reel from ongoing lockdown restrictions.

ATO Utilising New Powers so Businesses Act on Tax Debts

The ATO has begun utilising new powers that will allow it to disclose business tax debts to credit reporting bureaus, sparking concerns as businesses reel from ongoing lockdown restrictions. Businesses with over $100,000 in tax debts have begun receiving letters from the Tax Office, warning them of the agency’s intent to disclose tax debt information…
Ato Secures Data Matching Program till 2023

Crypto Crackdown Underway with ATO Data-Matching Program

Over 600,000 Australians who have invested in cryptocurrency will now be unable to hide from their tax obligations as the ATO extends its data-matching program to 2023. The ATO’s cryptocurrency data-matching program, first launched in April 2019, will now scrutinise cryptocurrency transactions and account information from designated service providers for a further three financial years to…
ATO to set its sights on ‘copy-paste’ expense claims

ATO Set’s It’s Sights on ‘Copy-Paste’ Expense Claims

The Tax Office has issued a warning to taxpayers who opt for “copy-pasting” work-related expense claims, like those accrued for travelling between work sites, or laundering uniforms, while they have been working from home. The ATO on Thursday warned taxpayers that it will set its sights on ineligible work-related expense claims come tax time, issuing…
ATO launches new tax residency data-matching program

New Tax Residency Data-Matching Program Launched by ATO

The tax residency status of Australians and foreign residents are set to undergo closer scrutiny by the ATO as it launches a new data-matching program that will cover 670,000 individuals each year. The Department of Home Affairs will now provide the ATO with arrival and departure records of travellers to and from Australia for the…
Penalties for payroll tax avoidance are set to rise five-fold in New South Wales as the Berejiklian government looks to crack down on wage theft.

NSW Payroll Tax Avoidance Penalties Set for 400% Increase

Penalties for payroll tax avoidance are set to rise five-fold in New South Wales as the Berejiklian government looks to crack down on wage theft. NSW Minister for Finance and Small Business Damien Tudehope on Wednesday announced a package of new tax laws which will see fines of $110,000 and imprisonment issued to businesses committing wage…
The ATO has clarified the tax treatment of JobKeeper payments handed back to the Government.

Tax Treatment of JobKeeper Payments Handed Back to ATO

The ATO has clarified the tax treatment of JobKeeper payments handed back to the Government. The clarification comes after the Super Retail Group, Dominos Pizza and Toyota collectively returned more than $20 million in JobKeeper payments after reporting exceptional trading results. Where a business has handed back JobKeeper despite qualifying for the payments, the ATO…

The 1st July Superannuation Changes

Changes from 1 July 2021 will impact on how much money you can contribute to superannuation and how much you can have in your retirement phase superannuation account. In general, your superannuation is either in an accumulation account (when you are building your super), a retirement account (when you meet preservation age and certain conditions…
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