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Reminder Re-Contribution of COVID-19 Early Release Super Amounts

Individuals can now re-contribute amounts they withdrew under the COVID-19 early release of super program without the re-contribution counting towards their non-concessional contributions cap.

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Penalties For Overdue TPAR

The Taxable payments annual report (‘TPAR’) must be lodged by 28 August each year.

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Cents per kilometer Deduction For Car Expenses – 2023 Income Years

The ATO has proposed for individual taxpayers that use the cents per kilometer method when calculating tax deductions for their work-related car expenses, that the rate per kilometer for the income year starting 1 July 2022 (the 2023 income year) will be 75 cents per kilometer.

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Reminder of March 2022 Quarter Superannuation Guarantee (‘SG’)

Employers are reminded that their SG obligation for the 1 January 2022 to 31 March 2022 quarter is due by 28 April 2022.

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Keeping and Maintaining SMSF Records

Trustees of SMSFs have been put on notice by the ATO that keeping and maintaining good records is one of their key responsibilities and legal obligations.

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New Shield Against Debt Recovery Proposed for Small Business

Small businesses are to be afforded the ability to apply to the Small Business Taxation Division of the Administrative Appeals Tribunal (‘the Tribunal’) for orders to stay (i.e., temporarily suspend) specific ATO debt recovery actions. 

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12-Month Extension of the Temporary Loss Carry-Back Measure

As announced in the 2020/2021 Federal Budget, legislation has now passed to allow eligible corporate entities (i.e., with, amongst other things, an aggregated turnover of less than $5 billion) a 12-month extension to claim a loss carry-back tax offset in the 2023 income year.

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Current Business Performance Analysis

When operating a business, the owners should always be held accountable for how the business is currently performing.

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Government Extends SME Recovery Loan Scheme to 30 June 2022

The Government has recently extended the SME Recovery Loan Scheme by a further six months (to 30 June 2022) to support SMEs adversely economically affected by the Coronavirus Pandemic.

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Tax Deductibility of COVID-19 Test Expenses

After much speculation, the Government announced that COVID-19 tests, including Polymerase Chain Reaction (‘PCR’) and Rapid Antigen Tests (‘RATs’), will be both:

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COVID-19 Vaccination Incentives and Rewards

The ATO has reminded employers to consider their tax and super obligations when employees are provided with incentives or rewards for getting their COVID-19 vaccination.

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Are You Struggling To Set & Achieve Your Business Goals?

There is no denying that goals are an important part of running a successful business. They can give you a clear focus, motivate employees and set targets for your business to work towards.

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Organisational Mission Statements & Value Statements

An organisation's mission is its purpose for existence and the values it holds guides the organisation and its culture.

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ATO Support For Businesses In Difficult Times

The ATO has reminded taxpayers that it has a range of support available for small businesses experiencing difficult situations, such as natural disasters, mental health challenges or financial hardship.

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Are You Concerned About How Your Business Is Performing? 

NOW is the perfect time to make real changes to your current business performance and take your business from zero to HERO!

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Managing Business Cash Flow

The ATO has issued a reminder to businesses that paying regular attention to their record-keeping and reporting tasks will help them better manage their cash flow and allow them to plan for the future.

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Beware of Scams

Scamwatch is warning that scams cost Australian consumers, businesses and the economy hundreds of millions of dollars each year and cause serious emotional harm to victims and their families.

 

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Super is Now Following New Employees

The ATO is reminding employers that, as of 1 November 2021, there is an extra step they may need to take to comply with the choice of super fund rules.

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AUSTRAC Transaction Report Information Data-Matching Program

The ATO will acquire transaction report information data from AUSTRAC for the period of 17 June 2021 through to 30 June 2027.

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Government Payments Data-Matching Program

The ATO will acquire government payments data from government entities who administer government programs for 2017/18 to 2022/23 financial years.

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