Not all donations are tax deductible: ATO warns
July 23, 2021
The ATO on 14 July 2021 issued a release reminding taxpayers to make sure they have a record of the donations they are claiming this tax time.
According to the ATO, nearly two thirds of...
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ATO data-matching program for lifestyle assets
July 23, 2021
The ATO has issued a notice that it will acquire lifestyle assets data from insurance policies for about 300,000 individuals each year for the period 2020-21 to 2022-23. The data matching ...
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Foreign-incorporated companies: transitional compliance approach extended
July 15, 2021
The ATO has extended until 30 June 2022 (or 31 December 2021 for early balancers) the transitional compliance approach set out in PCG 2018/9 for companies that treated themselves as non-re...
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Effective life of depreciating assets from 1 July 2021
July 8, 2021
The Commissioner's annual ruling on the effective life of depreciating assets was released on 30 June 2021. TR 2021/3 with effect from 1 July 2021, includes new effective life determinatio...
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Reasonable travel and overtime meal allowance amounts for 2021-22
July 8, 2021
On 30 June 2021, with effect from 1 July 2021, the ATO released its annual ruling on the amounts the Commissioner treats as reasonable for 2021-22 in relation to employee claims for:
ov...
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TAS: land tax reduction, stamp duty reduction, other
July 8, 2021
The Tasmanian Parliament has passed the Treasury Miscellaneous (Cost of Living and Affordable Housing Support) Bill 2021, which includes:
increasing the First Home Owners Grant from ...
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Financial reporting thresholds for charities to be increased: Minister
July 8, 2021
The Government announced on 30 June 2021 that it will increase the financial reporting thresholds for small and medium charities from 1 July 2022 (reporting against 2021-22 financial y...
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FBT retraining and reskilling exemption now law
July 8, 2021
The law has now changed to exempt fringe benefits tax (FBT) from 2 October 2020, for employers who provide training or education to assist their redundant, or soon to be redundant, employe...
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Div 7A: UPEs – sub-trust arrangements maturing in 2020-21 (Options 1 and 2)
July 8, 2021
On 30 June 2021, the ATO issued an updated version of Practical Compliance Guideline PCG 2017/13, on unpaid present entitlements (UPEs) and sub-trust arrangements.
By way of background, a ...
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ATO to launch new service to attract foreign businesses
July 1, 2021
Treasury on 29 June 2021 issued a media release stating that the ATO will launch its New Investment Engagement Service (NIES) on 1 July 2021. The purpose of the NIES is to provide foreign ...
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