COVID support grant

Queensland COVID-19 Business Support Grants

What you need to know. If your Queensland business has been impacted by the recent lockdowns, there is government assistance available from today. Applications for the 2021 COVID-19 Business Support Grants will open at 12pm (midday), 16 August 2021. All eligible businesses who apply for

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Cryptocurrency traders under the ATO spotlight

Everybody involved in acquiring or disposing of cryptocurrency needs to keep records in relation to their cryptocurrency transactions. The ATO will acquire account identification and transaction data from cryptocurrency designated service providers for the 2021 financial year through to the 2023 financial year inclusively (relating

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Gig economy workers

Please be aware that ALL income needs to be declared in your income tax return. The ATO has expanded its data matching capabilities across many platforms like Airbnb, Uber, Airtasker, Stayz, Car Next Door, and more. Just because you don’t declare this income, doesn’t mean

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Rental property owners

The ATO is focusing on property expense claims for investment properties this financial year, in particular, the following areas: Claiming interest on a loan to purchase a rental property is an allowable tax deduction however you cannot claim the use of the loan money for

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Have you earned income overseas?

The ATO has tax treaties with 45 countries that allow them to exchange information about offshore income and transactions. Any data received is matched against Australian tax returns as residents need to declare worldwide income, not just Australian-sourced income. You’ll need to declare any and

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Work-related expenses

With many more people having to work from home due to COVID-19 restrictions, more people will be claiming work from home expenses this year. Make sure your claims are legitimate! To claim a deduction for working from home, all the following must apply: – you

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ATO data matching

New ATO data-matching programs involving property

The ATO has advised that it will engage in two new data matching programs dealing with property transactions, as outlined below: The ATO will acquire property management data from property management software providers for the 2018/19 through to 2022/23 financial years (relating to approximately 1.6

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ATO monitors claims

ATO warns on ‘copy/pasting’ claims

The ATO is alerting taxpayers that its sights are set on work-related expenses like car and travel claims that are predicted to decrease in this year’s tax returns. Assistant Commissioner Tim Loh noted that COVID-19 has changed people’s work habits, so the ATO expects their

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Super Guarantee rate rising from 1 July 2021

The super guarantee rate will rise from 9.5% to 10% on 1 July 2021, so businesses with employees will need to ensure their payroll and accounting systems are updated to incorporate the increase to the super rate.

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Cryptocurrency and tax

Cryptocurrency under the microscope this tax time

The ATO is concerned that many taxpayers believe their cryptocurrency gains are tax-free, or only taxable when the holdings are cashed back into Australian dollars. ATO data analysis shows a dramatic increase in trading since the beginning of 2020, and has estimated that there are

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Superannuation deadline

Do you use the Small Business Superannuation Clearing House?

The ATO has advised employers intending to claim a tax deduction for super payments that they make for employees in the 2020/21 income year that any such payments must be accepted by the Small Business Superannuation Clearing House (‘SBSCH’) on or before 23 June 2021.

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