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. The most common mistake rental property and holiday homeowners make is neglecting to
Treasury has released draft legislation introducing the long-awaited third party reporting regime (proposed to apply from 1 July 2022). The new regime will initially require ride-sharing and short term accommodation online platform operators to report transactions they facilitate directly to the ATO. This measure was first announced in the 2020 MYEFO (following a recommendation from
From 1 July 2021, the superannuation contributions caps have been indexed for the 2022 income year. The new concessional contributions cap for the 2022 financial year is now $27,500 (increased from $25,000). The new non-concessional (i.e., non-deductible) contributions cap for the 2022 financial year is now $110,000 or (where the ‘bring forward’ rules are applicable)
The ATO has advised that it will engage in two new data-matching programs, as outlined below: • The ATO will acquire novated lease data from McMillan Shakespeare Group, Smartgroup Corporation, SG Fleet Group, Eclipx Group, LeasePlan, Toyota Fleet Management, LeasePLUS, and Orix Australia for 2018/19 through to 2022/23 financial years (relating to approximately 260,000 individuals
To support household income and create more jobs, the Government will deliver an additional $7.8 billion in tax cuts by retaining the low and middle-income tax offset (LMITO) in 2021-22. This is on top of the $25.1 billion in tax cuts announced in previous Budgets that is expected to flow to households in 2021-22. Around
Just a friendly reminder that 15 May 2021 is the final deadline to lodge your 2020 tax returns, so unless you have an alternative arrangement, please contact our office and provide all information by 23 April 2021. This will ensure that your return is lodged on time. Call us on (08) 9406 8537 or email
The ATO had previously advised it would no longer issue paper installment notices for PAYG and GST quarterly installments once an activity statement or installment notice is lodged, revised, or varied electronically through its online services, however, feedback from tax professionals have alerted the ATO to issues arising for some of their clients, as a
JobKeeper extension The Government announced that JobKeeper will be extended but with changes in turnover tests and payment rates: First stage (from 28 September 2020) Turnover decline will initially be based on actual decline for June and September 2020 quarters to qualify for two reduced tier rates; Next stage (from 4 January 2021) actual turnover decline for June, September and
This tax time will be unlike any other, and it promises to be one of the most challenging yet. The 2019–20 financial year has seen our country, our people, our wildlife and our land affected by unprecedented events. From drought and water shortages, to severe bushfires and more recently the COVID-19 pandemic – every Australian
The ATO has now announced a number of deduction hotspots that it will pay close attention to this year, in light of COVID-19. The Tax Office has begun bracing for a substantially different tax time this year, noting that it will likely see a flow-on effect from COVID-19 restrictions on work-related expenses claims. ATO Assistant
