The ATO Is Pursuing $172 Billion in Undeclared Contractor Income
The Australian Tax Office (ATO) has been tracing payments to contractors via the data from its taxable payments reporting system (TPRS). It is estimated that over 60,000 Australian business are yet to lodge TPARs for the 2019-20 financial year. The ATO has advised Australian businesses to come clean on the $172 billion worth of payments […]
ATO Increases Key Superannuation Top-Up Rates for AustraliansThe ATO Raises Key Rates For Australians Wanting To Top Up Their Superannuation
The Australian Tax Office (ATO) has decided to increase some of the key rates and thresholds for people who are wanting to top up their superannuation. On 1st July 2021, concessional and non-concessional contribution caps and the general transfer balance cap will increase for the first time in four years. Under the current laws, employers […]
The ATO Announces a Permanent Review Service for Small Businesses
On Friday 26th March the Australian Tax Office (ATO) announced that it will permanently install its independent review service following a successful three-year pilot program which gained the approval of its participants, whether they got the outcome they hoped for or not. In a statement released by the ATO, the tax agency proclaimed that the small businesses […]
The Otherwise Deductible Rule and Declarations – Fringe Benefits Tax (FBT)
The Otherwise Deductible Rule (ODR) is a mechanism within the Fringe Benefits Tax (FBT) legislation which enables the taxable value of an expense payment benefit provided to an employee to be reduced to Nil, this consequently removes the requirement to pay fringe benefits tax. A tax benefit can be classified as Otherwise Deductible if the […]
New Car Parking FBT Changes
The Australian Government has expanded the definition of the Small Business Car Parking exemption. It therefore is important for employers to be aware of the two big changes which will come into effect at the end of the 2021 Fringe Benefits Tax (FBT) year on 31st March 2021. From 1st April 2021, exemptions will apply […]
IPA Supports A New Deduction to Help Australians Retrain and Reskill
The Institute of Public Accountants is pushing for the federal government to implement a new tax deduction to encourage Australians to retrain and reskill. The IPA, contents that a new deduction will fill a gap in the tax system that has neglected taxpayers who have been made to pay full cost of retraining and […]
How to Use Your Tax to Plan for The Future
Young and middle-aged Australians might not often think about what their financial situation might be like once they reach old age. However, it is important to plan for your future and put away money overtime so that one day you can eventually retire. It can be difficult to plan for your future, especially if you […]
Fringe Benefits Tax Year End Planner
Fringe Benefits Tax (FBT) is a tax imposed on employers for specific benefits they provide to their employees or their employees family or friends. FBT’s purpose for its existence is to prevent tax leakage from businesses deducting the cost of provide those however income tax is not collected on the employee side. Some major examples […]
The Small Business Ombudsman Calls for FBT To Be Scrapped
The Small Business Ombudsman believes that removing the fringe benefits tax, and enabling GST to be remitted at the point of sale, would potentially make the tax system more small business friendly. A recent research paper published by Australia’s Small Business and Family Enterprise Ombudsman has listed 25 recommendations that aspire to create a tax […]
Tips for Boosting Your Superannuation and Retirement Savings
For many Australians there is a huge gap between how much money they think they need to save in comparison to much they really need to save in order to safely retire. Australia’s average life expectancy in 82 and a half years of age. If someone was hoping to retire at age 65 it would […]
