The Australian Government Injects $15.3 Million To Assist E-invoicing Adoption
E-invoicing is set to feature prominently over the upcoming months as the federal government has announced a $15.3 million investment ahead of the upcoming federal budget. The investment is included in the $1.2 billion package unveiled by the Australian Government on Thursday 6th May which aims at accelerating Australia’s digital adoption. In an aim to […]
The ATO Plans To Crackdown On Cryptocurrency At Tax Time
The Australian Tax Office (ATO) plans to engage around 100,000 taxpayers ahead of tax time to inform them about their required tax obligations as it moves to strengthen its stance on accounting for cryptocurrency. On Friday 28th May, the ATO warned taxpayers that they will likely be contacted as there are growing concerns that many […]
Calls for The Australian Government to Expand Self-Education Deductions
The Institute of Public Accountants has called upon the federal government to follow through with its proposal to expand tax deductions to training and education that is unrelated to an individual’s current employment activities. At the present time, taxpayers are only eligible to claim tax deductions for self-education expenses that are directly related to their […]
Tax Advice for Australians Who Have Been Affected by Natural Disasters
Apart from the obvious and tragic devastation that is inflicted upon a person’s property during a natural disaster these types of events such as a flood or a fire can also result in the loss of income for many affected people. This can come about as a result of the damage done to workplaces, vehicles, […]
How to Claim A Tax Deduction Via the Car Logbook Method
One of the most effective ways to increase the amount of money you receive on your tax return is to claim a deduction on your travel expensive. The car logbook method is a common way to track your car expenses. If you use your car for employment purposes, the Australian Tax Office will allow […]
The ATO Resumes Debt Collection Intends Not to Destroy Businesses Post JobKeeper
The Australian Tax Office (ATO) has confirmed that it has recommenced pursuing and enforcing debt recovery. However, the tax agency has reassured businesses that it will refrain from going too hard too soon. Businesses who are struggling with tax debts have been encouraged to re-engage with the ATO as it promises it will not “destroy […]
372,000 Australian Businesses Were On JobKeeper When It Ended Last Month
Right up until it’s completion on Sunday 28th March, JobKeeper remained to be a critical economic lifeline for 372,000 Australian businesses. New research shows that almost a quarter of Melbourne based businesses were dependent on help from the scheme during its final phase. Businesses in regional parts of the country fared better than those in […]
The ATO Is Flipping the Switch on Debt Recovery
Now that the JobKeeper scheme has concluded, the Australian Tax Office has announced that it will resume pursuing and enforcing debt recovery action. In February, the ATO commenced sending letters to taxpayers to inform them of potential sterner action if they failed to make good on their obligations and had refused to get in touch […]
The ATO Is Set To Turn the Tide on Insolvencies
Following the discontinuation of JobKeeper and other government support measures which were introduced at the peak of the covid-19 pandemic, the ATO is set to ramp up enforcement in line with the governments ambition to revert to a “business as usual approach”. It is not expected that the ATO will be overly aggressive but they […]
Advice to Help Businesses Impacted By Floods Minimise Their Financial Hardship
Chartered Accountants Australia and New Zealand (CA ANZ) has announced a new checklist to support small businesses who have been affected by the recent flooding to occur in the east coast of Australia. This checklist has been created to help reduce the amount of financial hardship small businesses endure as they look to recover from the […]