Staff parties With the well-earned December/January holiday season on the way, many employers will be planning to reward staff with a celebratory party or event. However, there are important issues to consider, including the possible FBT and income tax implications of providing 'entertainment' (including Christmas parties)...

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. Cryptocurrency scams are the most 'popular' type of investment scams, representing over 50% of losses. Often the...

The ATO is reviewing Australian business numbers ('ABNs') to identify potentially inactive ABNs for cancellation, and it has introduced a new automated process to allow taxpayers (or their tax agents) to confirm if their ABN is still required via a secure voice response system. An ABN...

Almost one‑third of people made mistakes when claiming their interest deductions. This information will help you get your claims right in your tax return. Remember the following three key points: The property must be rented, or genuinely available for rent at the time you incur the...

The ATO will acquire government payments data from government entities who administer government programs for 2017/18 to 2022/23 financial years. The data items include: service provider identification details (names, addresses, phone numbers, email, dates of birth, service type, ABN, ACN); and payment details (service provider ID,...

Taxpayers can vary their pay as you go ('PAYG') instalments throughout the year if they think they will pay too much, compared with their estimated tax for the year. To assist taxpayers who continue to be affected by COVID-19, the ATO has stated that it will...

With the growth of micro-investment platforms helping new investors enter the market, the ATO has issued a reminder for first-time share and Exchange Traded Funds (‘ETF’) investors. The ATO is concerned that first-time investors often do not understand their tax obligations in relation to reporting capital...

Due to the continued extenuating circumstances of COVID-19 and lockdowns since 1 July, the 80 cents per hour temporary shortcut method to calculate working from home deductions has been extended to 30 June 2022. For more details, click here: https://www.ato.gov.au/Individuals/Income-and-deductions/Deductions-you-can-claim/Home-office-expenses/Shortcut-method/#Eligibility The existing fixed rate method (52 cents per...

The JobMaker Hiring Credit scheme's third claim period is now open, so if a taxpayer has taken on additional eligible employees since 7 October 2020, they may be able to claim JobMaker Hiring Credit payments for their business. Eligible businesses can receive up to: - $10,400 over...

The ATO has released a Ruling explaining: - when an employee can deduct accommodation and food and drink expenses when travelling on work; - the FBT implications, including the application of the 'otherwise deductible rule', where an employee is reimbursed for accommodation and food and drink expenses,...

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