New ATO Guidance: Contractor or Employee
Just because an agreement states that a worker is an independent contractor, this does not mean that they are a contractor for tax and superannuation purposes, new guidance from the ATO warns. Where there is…
What can we expect in 2022?
2021 was to be the year we returned to a post-COVID normal however the pandemic has fundamentally changed the way many of us operate in our personal and work lives. Here is some of what…
The ATO’s JobKeeper Audit Targets
The JobKeeper subsidy has progressed beyond the rush for eligibility and entered its second phase: compliance. Late last month, the Australian Taxation Office (ATO) released guidance highlighting where the regulator will focus its compliance resources.…
“Beware” New Accounting Standards
The coming end of financial year reporting period will be the first period that many entities will be applying the new accounting standards in relation to revenue recognition and leases in their financial statements. These…
ATO ramps up small business visits
Last month, the ATO released statistics showing small business is responsible for 12.5% ($11.1 billion) of the total estimated ‘tax gap’. These new figures give visibility to tax compliance issues within the small business sector…
Laundry expenses hung out to dry
The ATO is airing the ‘dirty laundry’ on work-related clothing and laundry expenses warning that it is closely reviewing claims. “Last year around 6 million people claimed work-related clothing and laundry expenses, with total claims…
$30K Instant Asset Write-Off Reminder
Are you considering buying a new asset for your business? Recently the Federal Government increased the instant asset write-off threshold to $30,000 and extended the initiative to 30 June 2020. So if you purchase a…
The pre-election announcements that are now law
The Federal Budget announced a series of measures, some of which were legislated before the election was called. Extension and increase to the instant asset write-off The popular instant asset write-off for small business has…
Single Touch Payroll Final Deadline
From 1 July 2019, single touch payroll – the direct reporting of salary and wages, PAYG withholding and superannuation contribution information to the ATO – will apply to all employers. What employers need to report…
Tax Rate Reduction for Small Businesses
Small business is still a vote winner with the Government and Opposition teaming up to accelerate tax cuts for the sector by 5 years impacting on an estimated 3.3 million businesses. Parliament recently passed legislation…
