The repayment thresholds and rates of the Higher Education Loan Program (HELP) 2019/2020 Financial Year have been released.
From 1 July 2019, new tenderers and first-tier subcontractors looking to secure government contracts over $4 million will be required to provide a satisfactory ATO Statement of Tax Record (STR) showing acceptable engagement with the tax system.
There are common misconceptions about what you can claim when it comes to claiming work related expenses. Follow the three golden rules for claiming work related expenses.
The ATO has ramped up data matching relating to cryptocurrency transactions to ensure that taxpayers are meeting their taxation and superannuation responsibilities with cryptocurrency operations and ownership.
The instant asset write-off threshold has increased and the eligibility extended. From 2nd April, up to 30th June 2020, small businesses have the ability to immediately write-off assets purchased for less than $30,000. Medium sized businesses with turnover between $10 and $50 million now also have access to the scheme.
The ATO is prioritising investigations into rental deductions this year. With double the number of in-depth audits planned, the ATO will address unjustifiable claims and prompt taxpayers to amend their returns, with over-claiming attracting penalties of up to 75% of the claim.
Asset valuation is a key responsibility as part of SMSF financial reporting, and the ATO is reminding SMSF auditors of their obligations to verify asset values or risk breaching their duties.
The Government has released an Issues Paper seeking feedback on Initial Coin Offerings (ICOs) in Australia and the application of Australia’s regulatory framework to ICOs. The ICO is a relatively recent financial innovation that is attracting significant attention as a niche form of fundraising. ICOs rely on Distributed Ledger Technology (DLT), such as blockchain, and…Details
The ATO has advised that the Taxable Payments Reporting System (TPRS) protected $2.7b from being lost to the black economy in the building and construction industry in the 2015/16 financial year.
There are a number of things that need to taken care of for tax purposes prior to moving overseas. One such thing is ensuring the assets of a related discretionary trust does not trigger a capital gains tax (CGT) event.
Recently, the Australian Taxation Office (ATO) has issued a warning for individuals who own a holiday home and claim certain deductions against their income.
Recently the federal government introduced legislation intending to implement a Director Identification Number (DIN) under Australia corporations law. This means that, as a director of a company registered in Australia, you will be required to obtain a DIN. This DIN will be a unique identifier and you will only have one for your entire life as…Details