Tax Archives - Page 3 of 9 - The Garis Group

The ATO has launched a new compliance campaign aimed at driving the lodgement of SMSF annual returns as it chases 80,000 late returns.

ATO Eyes 80,000 Late SMSF Returns: ‘3 Strikes and You’re Out’

February 22, 2021

Self managed Super Funds, SMSF, Tax, Tax Return

The ATO has launched a new compliance campaign aimed at driving the lodgement of SMSF annual returns as it chases 80,000 late returns. Speaking at the SMSF Association National Conference 2021, ATO assistant commissioner, SMSF Segment, Justin Micale said that while the illegal release of super in SMSFs is a continued concern for the ATO,…

Coronavirus Grants Now Tax-Free

December 15, 2020

Emma Zajac

business, COVID, COVID-19, COVID19, Grants, Legislation, Parliament, Payment, Small Business, Tax, Tax-Free

Legislation aimed at ensuring coronavirus small business grants are not subject to income tax has now passed both houses of Parliament. Treasury Laws Amendment (2020 Measures No. 5) Bill 2020 passed Parliament late on Thursday. The bill amends income tax law to make certain grant payments received by eligible businesses non-assessable non-exempt income so that these…

Refunds for Tax Losses

November 7, 2020

Emma Zajac

2020-2021, Carried Back, Claim, Compny, COVID, COVID-19, Federal Budget, Income, Loss, Offset Tax, Paid, Refund, Tax, Tax Loss, Tax Refund

If your company has made a loss, you may be able to claim a tax refund for tax previously paid on profits. In the 2020-21 Federal Budget, the Government announced that businesses with turnover under $5bn* will be able to offset any losses made between 2019-20 and 2021-22 against previously taxed profits between 2018-19 and…

Tax Deductions for Investing in Your Business

November 5, 2020

Emma Zajac

2020, 2021, Assets, business, Business Owner, COVID, COVID-19, COVID19, Depreciable, Entities, P & L, Profit, Small Business, Tax, Tax Deductions

Stimulating investment is high on the Government’s agenda. To encourage spending, the 2020-21 Budget introduced a measure that allows businesses with turnover under $5bn* to immediately deduct the cost of new depreciable assets and the cost of improvements to existing assets in the first year of use. This means that an asset’s cost will be…

Small Business Owner unhappy as he misses out on loss carry back

Small Business Shut Out From Loss Carry Back

October 27, 2020

Emma Zajac

business, Business Owner, Companies, Corporate, COVID, COVID-19, COVID19, Employees, Employer, employment, Entities, Loss Carry Back, Small Business, Sole Trader, Tax, Tax Discount

Thousands of small businesses are set to miss out on accessing the temporary loss carry back provisions due to its limitation to corporate entities. The National Tax and Accountants’ Association has now written to Treasurer Josh Frydenberg to call for the expansion of the loss carry back provisions to non-corporate entities such as sole traders, partnerships and trusts.…

New JobKeeper 2.0 Rule Removes ‘Smorgasbord’ of Attribution Options

September 23, 2020

Emma Zajac

ATO, BAS, business, Business Owner, Capital Assets, COVID, COVID-19, COVID19, GST, Jobkeeper, Jobkeeper 2.0, Stimulus Package, Tax, Turnover Test

The new rules regarding the basis of accounting that an entity is required to use in calculating actual GST turnover for JobKeeper 2.0 could now throw up fresh issues for businesses. The Tax Commissioner’s determination issued on Wednesday has now set out that supplies must be allocated to a period on a GST reporting basis,…

The ATO has extended its relaxed approach to pay-as-you-go instalment variations to the new financial year, with businesses urged to undertake a first-quarter check-up

ATO Extends Relaxed Approach to PAYG Instalment Variations to New Financial Year

September 15, 2020

Emma Zajac

ATO, COVID, COVID-19, COVID19, New Financial Year, PAYG, Tax

The ATO has extended its relaxed approach to pay-as-you-go instalment variations to the new financial year, with businesses urged to undertake a first-quarter check-up. In light of the ongoing impacts of COVID-19, the ATO has announced that it will not apply penalties or interest for excessive PAYG variations in the 2020–21 financial year, continuing its approach…

ATO assistant commissioner Sylvia Gallagher

ATO kicks off ‘soft’ debt collection restart

September 11, 2020

Emma Zajac

ATO, business, Business Owner, Cash-flow Boost. Lodgement, COVID-19, COVID19, Debt, Employer, Pandemic, Recovery, Self Employed, Small Business, Tax

The ATO has launched a soft restart of its debt and lodgement activities as it looks to re-engage with businesses. Apart from Victoria, where businesses are working towards a staged reopening plan, the ATO has begun reaching out to businesses in other parts of the country as part of its debt intervention activity restart after such…

Female working from Home due to COVID-19

Working from Home during COVID-19

August 24, 2020

Emma Zajac

COVID, COVID-19, COVID19, Home Expenses, Home Office, Office, Returns, Tax, Tax Returns, Working from home

We understand that due to COVID-19 your working arrangements may have changed. If you have been working from home, you may have expenses you can claim a deduction for at tax time. Tracking these expenses can be challenging, so we have introduced a temporary shortcut method. It’s a simple way to calculate these expenses with…

ATO JobKeeper Audits of Employer Obligations

COVID-19 | Incoming ATO Audits Tipped to Focus on JobKeeper, Employer Obligations

August 14, 2020

Emma Zajac

ATO, Audit, COVID, COVID-19, COVID19, Employer, Jobkeeper, JobKeeper Payment, Small Business, Tax

JobKeeper audits are expected to go on for two years, while the ATO’s scrutiny of employer obligations is set to continue over the next 12 months, says one audit insurance provider. Accountancy Insurance director Roman Kaczynski noted that while ATO audit activity is significantly down on previous years due to COVID-19, JobKeeper reviews have continued…

ATO Eyes 80,000 Late SMSF Returns: ‘3 Strikes and You’re Out’

Coronavirus Grants Now Tax-Free

Refunds for Tax Losses

Tax Deductions for Investing in Your Business

Small Business Shut Out From Loss Carry Back

New JobKeeper 2.0 Rule Removes ‘Smorgasbord’ of Attribution Options

ATO Extends Relaxed Approach to PAYG Instalment Variations to New Financial Year

ATO kicks off ‘soft’ debt collection restart

Working from Home during COVID-19

COVID-19 | Incoming ATO Audits Tipped to Focus on JobKeeper, Employer Obligations

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