The ATO’s Tax Time 2020 page for tax professionals covers key changes this tax time, the ATO’s service commitment, what you can do to prepare, and things to consider before lodging to en...Read MoreRead More
The ATO has updated its guidance on the derivation of JobKeeper payments. It clarifies that for a business which operates on:
an accruals accounting basis, JobKeeper payments will be de...Read MoreRead More
Recent ATO website updates:
Key dates for the JobKeeper payments
ATO JobKeeper guide for sole traders, employers reporting through single touch payroll (STP) and for employers not...Read MoreRead More
The rate at which work-related car expense deductions may be calculated using the cents per kilometre method is 72 cents per kilometre for the income year commencing 1 July 2020.
Income T...Read MoreRead More
As a result of the impacts of natural disasters and COVID-19, the ATO anticipates changes to what people claim in their 2019–20 tax return. This is an opportune time to review your clients...Read MoreRead More
The ATO’s granular data capability has been expanded to include additional schedules for 2019–20 individual tax returns. Your experience of these changes will depend on your software.
...Read MoreRead More
The government will suspend the indexation of tax instalment amounts for the 2020–21 financial year in response to COVID-19.
This change will affect instalments payable to the ATO for t...Read MoreRead More
The government will extend the $150,000 instant asset write-off for six months to 31 December 2020.
Australian businesses with annual turnover of less than $500 million will be able to ta...Read MoreRead More
The government will introduce a $25,000 grant for eligible owner-occupiers to build a new home or substantially renovate an existing home.
The HomeBuilder grant will be available to indiv...Read MoreRead More
The ATO has released Draft Goods and Services Tax Determination GSTD 2020/D1, setting out the Commissioner's proposed view on the extent to which the supply of a transaction account is GST...Read MoreRead More
