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ATO Updates (July 2022)

Date: July 7, 2022
Categories: Federal, Monthly Update
It’s time for tax agents to get ready for the new tax time in 2022 and the most important thing they have to do is to roll over the system and update the work papers.The Australian Taxation Office (ATO) has warned people not to double-dip in their deductions this year or run the risk of being audi ...
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ATO Updates (June 2022)

Date: June 7, 2022
Categories: Federal, Monthly Update
The Australian Taxation Office (ATO) has revealed four key areas that they will target this time as the 2022 tax season approaches.Record-keepingWork-related expensesRental property income and deductionsCapital gains from crypto assets, property, and sharesThese ATO priority areas will ensure that t ...
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ATO Updates (May 2022)

Date: May 6, 2022
Categories: Monthly Update
FBT thresholds for year 2022-23Record keeping exemption – Increased from $8,923 to $9,181Benchmark Interest Rate – 4.52% unchanged FBT - Living Away from Home Allowance (LAFHA) – Reasonable amount for Meals for the Year 2022-231 Adult - $2892 Adults - $4343 Adults - $5791 Ad ...
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ATO Update (April 2022)

Date: April 8, 2022
Categories: Monthly Update
Tax Relief for Flood-Affected CommunitiesThe below relief measures are announced to alleviate pressures of small businesses & individuals in flood-affected areas of QLD & NSW:Additional time to meet any upcoming BAS/IAS obligations.Option to vary the quarterly PAYG Income Tax Instalme ...
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ATO Updates (Mar 2022)

Date: March 6, 2022
Categories: Monthly Update
Deductibility of expenses incurred for COVID – 19 testsThe government confirmed that a new legislation would be introduced to allow individuals to claim the expenses incurred towards work-related COVID – 19 tests.It is also stated that this legislation will ensure the employers are not im ...
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ATO Updates (Feb 2022)

Date: February 3, 2022
Categories: Accounting, Monthly Update
2021-22 Mid-Year Economic & Fiscal Outlook (MYEFO)Cash deficit of $99.20 Billion is expected, which is equivalent to 4.50% of GDP. This is in fact an improvement of $7.40 Billion from the previous budget.Tax receipts as a share of GDP are expected to fall from 22.90% in 2020-21 to 22.10% ...
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ATO Updates (Jan 2022)

Date: December 29, 2021
Categories: Monthly Update
Upcoming changes to the On-demand reportsNew field to be added to the On-demand Outstanding Activity Statement (Current + Previous 3 Years) report.New field to be added to the On-demand Income Tax Lodgment (Current + Previous 3 years) report to display whether each period/year is eligible for ...
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ATO Updates (December 2021)

Date: December 9, 2021
Categories: Monthly Update
Luxury Car Tax (LCT) The ATO has expressed concerns that several entities are using certain arrangements to improperly claim the refund for LCT.It is reported that one of more of the participating entities (described as a ‘missing trader’) does not correctly report and pay the LCT to the ...
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ATO Updates (November 2021)

Date: November 9, 2021
Categories: Monthly Update
General UpdatesOutcome of Budget 2020-21Cash Deficit of $134.20 Billion.Total Receipts increased by $20.10 Billion.Total Payments were reduced by $6.70 Billion.Net Debt was $592.20 Billion as of 30th June 2021 (Lower than forecasted previously). ATO/ASIC Regulatory Updates< ...
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ATO Updates (October 2021)

Date: October 9, 2021
Categories: Monthly Update
VICTORIA – Payroll Tax Deferral & Additional Funding to UniversitiesUniversities to be given more time to pay the existing payroll tax deferrals granted in 2020.A further deferral for 2021-22 will also be granted.The above-deferred payments are to be paid in 2 installments in 2024.  ...
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