‘Everyone is now on notice’: ATO acquires COVID-19 data on 3m Aussies
The ATO is set to acquire the data of 3 million Australians from Services Australia as it doubles down on the COVID-19 compliance front.
Extra Tools & Resources for our clients.
Over time we have supplied our clients with a growing collection of tools and resources to help in areas such as COVID-19 relief updates, articles on tax changes and updates, articles to help understand economic changes, calculators for all financial needs, and videos to help you and your family learn more about financial matters. We hope you enjoy these 'extras' and if you have any question then simply ask. *
Year End Tax Deductions – “equipment”
As retailers promote heavily for taxpayers to buy before year end, are their advertisements real or imaginary?
Home Office Claims 2020
The coronavirus lockdown has meant many taxpayers are working from home for the first time. A special shortcut method just introduced means there are three methods to claim in the 2020 income tax return.
Early release of super sees ‘high take-up’
A recent research report has predicted that close to 2.5 million Australians are likely to access early release payments from super before 30 June. However, the number of SMSFs applying for early release payments is expected to be low.
Tax time 2020: ATO homes in on rental deduction claims
Rental deduction hotspots for this tax time have now been identified by the ATO as it anticipates a change in claims because of COVID-19 and recent natural disasters.
ATO announces Div 7A COVID-19 assistance
Taxpayers affected by COVID-19 will now be able to request for an extension of time to meet the minimum yearly repayment on complying Division 7A loans.
‘HomeBuilder’ grants now available.
$25k grants for housing construction, renovations to bolster industry. The Federal Government will give eligible Australians $25,000 to build or substantially renovate their homes.
JobKeeper documentation ‘absolutely critical’ in ATO audit
Practitioners have been advised to keep contemporaneous documentation of their calculations and advice around the JobKeeper payment scheme to avoid inevitable audit scrutiny in the near future.
Tax Time Checklists – Individuals; Company; Trust; Partnership; and Super Funds
Working from home because of COVID-19 means most will have more deductions than in a normal year. These checklists will help your tax agent ensure you don't miss any deductions. Simply print, complete and return.