SMEs Encouraged To Seek Help If They Are Struggling To Pay Their Taxes
Small to medium enterprises (SMEs) across Australia are being encouraged to seek immediate help if they are struggling to pay their taxes due to the covid-19 pandemic-induced cash-flow issues. It has been reported that small to medium businesses currently owe the Australia Tax Office (ATO) a record-high $21.4 billion in tax debt in the financial […]
Greater Sydney Lockdown Set To Result 300,000 Job Losses
The significant amount of economic damaged caused by the covid-19 outbreak in Sydney is starting to show up in the national employment data, and is unfortunately beginning to spill over into over states. Figures published by the Australian Bureau of Statistics (ABS) illustrate that across Australia, women are losing jobs at a faster rate than […]
The ATO Paid $5.3 Billion In Tax Returns During July 2021
Recently published figures from the ATO (Australian Tax Office) has shown that 2.1 million taxpayers across the country have so far received an average tax refund of $2,490 this contributing to a total of $5.3 billion, in the first four weeks into 2021 tax time. Assistant Treasurer Michael Sukkar tried putting a positive spin on […]
SME Tax Debts Reaches A Record $21 Billion
It can be revealed that, small and medium businesses across Australia owe a total of $21 billion to the ATO (Australian Tax Office). The figures were published according to new data compiled by the Inspector-General of Taxation and Taxation Ombudsman (IGTO). Despite this record figure, the large majority of small business owners have said that […]
ATO Declares It Won’t Use e-Invoicing to Facilitate Tax Compliance
The Australian Tax Office (ATO) has announced that it has no plans to use e-invoicing as a way of facilitating tax compliance, despite fears that Australia may eventually move to emulate other countries by scrutinising e-invoicing data. The ATO has assured businesses that the Tax Office has not been granted the authority to view the […]
Reasons Why 1st July Is Too Early to File Your Tax Return
Millions of Australians are feeling enthusiastic about receiving their annual tax refund, but filling your tax return on 1st July has the potential to land you in some serious trouble with the tax office. The lure of a $1080 tax cut, available to millions of Aussies this financial year, might entice you to do your […]
The Popularity of Cryptocurrency In Australia Continues To Rise
A recently published survey revealed that risk is the biggest reason why Australians still lack confidence in cryptocurrency. 43 percent of Australians who responded to the survey said that the volatility of cryptocurrency was their biggest deterrent to buying it. This is a 14 percent increase on the same answer from a survey published in […]
The ATO Is Cracking Down On “Copy-Paste” Expense Claims
The Australian Tax Office (ATO) has given a warning to taxpayers who choose to “copy-paste” work related expense claims, like those accumulated when travelling between work sites, or laundering uniforms, while they have been working from home. Although the majority of Australians are doing the right thing, the ATO has reassured tax payers that the […]
The Average Australian Workers Earns Just Over $60,000
Recently published data from the Australian Tax Office (ATO) has revealed that the average salary in Australia is just over $60,000. Figures from the 2018-19 financial year showed that the average salary for Australians who submitted tax returns was $63,085. This is an increase up from $1634 recorded in the previous year. The median reported […]
ATO Offers Help To Australians Impacted By Covid-19 and Natural Disasters
The Australian Tax Office (ATO) acknowledges that workers across Australia continue to face huge challenges in regards to the covid-19 pandemic and various natural disasters which have occurred over the past 12 months. Here is some advice to help Australian taxpayers prepare for the upcoming End of Financial Year. JobKeeper JobKeeper payments are not tax […]