Posted in Tax

The ATO, using their data-matching program, will now be able to obtain lifestyle asset data from insurance policies for the 2021 FY, 2022 FY, and 2023 FY. The ATO will be comparing the value of certain lifestyle assets to your declared income and if you have a boat that is insured for $100,000 but your declared income for the last three years was $20,000, you may have a problem ... The data-matching program will look for assets above a certain value, so if you have a $5000 dingy I would...

The federal government's JobMaker Hiring Credit stimulus package is to be available to eligible employers over 12 months from 7 October, 2020. Employers can receive up to $10,400 per new employee that has been hired to fill a new position. The key point to remember is that the position must be new, and is not applicable if the employer hires a new employee to fill an existing position in the business. Eligible employees aged 16-29 years will receive $200 per week. Eligible emplo...

The two most common examples of when you cannot claim the GST you have paid are: 1.  The entity from which you are purchasing the goods or services is not registered for GST; and
2.  The personal-use portion of any goods or services purchased by your business. Be aware: even if the entity from which you purchase the goods or services provide you with a tax invoice and an ABN, they may have cancelled the GST registration in which case you cannot claim the GST that you paid to ...

Increasingly, the ATO is actively enforcing their compliance program - which is "ATO-speak" for saying that they are increasing the number of audits being completed. The concern about an ATO audit is not necessarily that you have done something wrong and owe the ATO tax (and possibly penalties, fines and interest), it is that you have to prove that you have not done anything wrong. The cost of obtaining proof could be significant - possibly thousands of dollars in accountant or ...

HECS/HELP Minimum Repayment Threshold Increased I have just read in a recent article from the ATO Small Business Newsroom newsletter received Wednesday 28 August 2019 that the Minimum Repayment Threshold for HECS/HELP loans is increasing from 1 July 2019. The new Minimum Repayment Threshold is $45,881. Employers may need to increase the PAYG tax withholding for any employees that have HECS/HELP loans to ensure they meet the new minimum repayment threshold requirements....