Our Recent Blogs
Varying PAYG instalments due to Covid-19.
Taxpayers can vary their pay as you go ('PAYG') instalments throughout the year if they think they will pay too much, compared with their estimated tax for the year.
To assist taxpayers who continue to be affected by Covid-19, the ATO has stated that it will not apply penalties or interest on varied instalments for the 2021/22 income year for excessive variations when the fund has taken reasonable care to estimate its end of year tax.
Permanent changes to AGMs and electronic communications.
The Government has introduced into Parliament a Bill to permanently allow companies to use technology to meet their regulatory requirements and ensure that companies can continue to meet their obligations amid the uncertainty of the COVID‑19 pandemic.
Reminder: Stapled Super Fund Requests now live.
From November 1, 2021 the ATO’s Stapled Superannuation Fund Request initiative became live. Which means if you have employed staff since this date and they have not nominated a super fund, you will need to request your employee’s stapled super fund via ATO Online Services.
Preparing for the new Director ID regime.
As part of its Digital Business Plan, the Government announced the full implementation of the 'Modernising Business Registers' program. This included recently enacted legislation introducing the new director identification number ('director ID') regime.
Government follows through on SG $450 threshold scrapping.
The Australian Government is finally delivering on its 21-2022 budget promise to scrap the $450 per month superannuation guarantee threshold.
Further extension on work-from-home shortcut method.
The Australian Taxation Office has confirmed it will, yet again, extend the work-from-home shortcut deduction method until the end of June 2022.
Reminder for first-time share investors to declare income.
As part of the expansion of Single Touch Payroll (known as STP Phase 2), from 1 January 2022, employers will need to report additional payroll information in their STP reports.
Additional ATO support during Covid-19.
The ATO is providing additional support to taxpayers having difficulty meeting their tax and superannuation guarantee charge obligations for employees because of COVID-19.
Documenting gifts or loans from related overseas entities.
Genuine gifts or loans received from related overseas entities (including family members and friends) are sometimes used to fund businesses or to acquire income producing assets.
ATO no longer prepared to be viewed as a line of credit.
In our late-August 2021 blog edition, we advised the ATO will begin to send out orange warning letters to business with over $100,000 in tax debt, advising their intent to disclose the debt to credit reporting bureaus.
ATO support for employers with expansion of STP.
As part of the expansion of Single Touch Payroll (known as STP Phase 2), from 1 January 2022, employers will need to report additional payroll information in their STP reports.
Reminder of Superannuation Guarantee obligations for September 2021 quarter.
Employers are reminded that the due date for making SG contributions for the September 2021 quarter is 28 October 2021.
New ID requirement for Directors.
From November 2021, company directors will be required by law to verify their identify by as part of a new director identification number (Director ID) requirement.
Extra “super” step when employing new staff.
From 1 November 2021, if you have employed new staff, you may have to take an extra step to comply with choice of fund rules if they don’t nominate a super fund.
Labour commits to income tax cuts and certainty on negative gearing.
The Australian Labour Party has formally announced that, if elected to Government, they will deliver "the same legislated tax relief to more than 9 million Australians as the Morrison Government".
Extending administrative relief for companies to use technology.
The Government has passed legislation renewing the temporary relief that allows companies to use technology to meet regulatory requirements under the Corporations Act 2001.
ATO warns property investors about common tax traps.
In 2019/20, over 1.8 million Australians owned rental properties and claimed $38 billion in deductions, so the ATO is reminding property investors to beware of common tax traps that can delay refunds or lead to an audit costing taxpayers time and money.
Time running out to register for the JobMaker Hiring Credit.
The JobMaker Hiring Credit scheme's third claim period is now open, so if a taxpayer has taken on additional eligible employees since 7 October 2020, they may be able to claim JobMaker Hiring Credit payments for their business.
Expansion of support for SMEs to access funding.
The Government is providing additional support to small and medium sized businesses ('SMEs') by expanding eligibility for the SME Recovery Loan Scheme.
Divisional 293 concessional contribution assessments have been issued.
The ATO has recently issued approximately 30,000 Division 293 assessments for the 2018/19 and 2019/20 financial years.