Single Touch Payroll: Phase 2
Single touch payroll (STP) has now entered into Phase 2, although most employers may not yet be reporting under this phase as many digital service providers (DSP) have obtained deferrals to help get their software ready and help their customers transition. Essentially, STP works by sending tax and super information from an STP-enabled payroll or […]
Operation Protego: detecting GST fraud
The ATO has lifted the lid on its most recent operation to stamp out GST fraud, Operation Protego, in order to warn the business community to not engage with fraudulent behaviour and encourage those who have fallen into the trap to voluntarily disclose, before the application of tougher penalties. According to the ATO, Operation Protego […]
Budget 2022: what’s in it for businesses
On Tuesday, 29 March 2022, Treasurer Josh Frydenberg handed down the 2022-23 Federal Budget, his 4th Budget. In an election Budget, the Treasurer announced a range of measures aimed at small businesses and individuals. Since the Mid-Year Economic and Fiscal Outlook (MYEFO) in December 2021, the government noted that the underlying cash balance has improved […]
Future direction of the ATO
The Commissioner of Taxation, Chris Jordan, spoke recently at a conference about what’s in store for the ATO including upcoming changes, transformations, aspirations for the future, as well as support for small businesses. According to Commissioner Jordan, the main aspirations for the ATO for 2024 and beyond is to become more streamlined, integrated and data […]
Temporary full expensing of assets extended
The temporary full expensing of depreciating assets has been extended for another year until 30 June 2023. The measure was originally introduced in 2020 as a part of the Federal government’s COVID-19 business rescue package aimed at encouraging business investment by providing a cash flow benefit. As originally introduced, the measure was due to end […]
Last chance to claim the loss carry back
Eligible businesses will have one last chance in their 2021-22 tax return to claim the loss carry back, which provides a refundable tax offset to reduce tax liabilities. Those businesses that have an early balancer substituted account period (SAP) for the 2021-22 income year are eligible to claim the loss carry back offset before 1 […]
Check your PAYG instalments
The PAYG instalment system allows a business to spread its income tax liability across the tax year. This helps with cash flow, but also means the business is not faced with a large tax bill after the end of the tax year. Most businesses lodge and pay instalments quarterly. Primary producers and special professionals (eg […]
Election 2022: Bills not passed
With the government in caretaker mode after calling the election, Bills that had not passed both the Houses of Parliament now suffer an uncertain fate. Some of the important measures contained in the Bills included establishing a framework for compensation scheme of last resort and allowing small businesses to apply to the AAT instead of […]
Budget 2022: what’s in it for you?
With all the media coverage of the Budget 2022, you will no doubt have heard about the “cash splash” spending spree that the government has gone on to win votes in the upcoming federal election. But what’s really there for individual taxpayers to combat the cost-of-living increases caused by inflation? Firstly, the $420 for […]
Using the margin scheme on property sales
With the property market booming despite low wage growth and the after effects of the pandemic, many developers are getting back into the market. If you’re in the business of selling property, you may be able reduce the amount of GST payable on sales of new property by using the margin scheme if certain eligibility […]
