FBT car parking benefits: ATO’s changed views on commercial parking stations – Taxation Ruling TR 2021/2
June 24, 2021
On 16 June 2021, the ATO issued TR 2021/2 on when a car parking benefit is provided for FBT purposes. It replaces the previous Ruling on this topic, TR 96/26, which was withdrawn when TR 2...
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ATO data-matching: novated leases and cryptocurrency
June 17, 2021
The Commissioner has gazetted 2 notices for the following data-matching programs:
The Notice of Data Matching Program - Novated Leases 2018-19 to 2022-23 financial years enables the A...
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Super guarantee rate rise – SG rate based on when employee is paid
June 17, 2021
On 1 July 2021, the super guarantee rate will rise from 9.5 per cent to 10 per cent. Some pay periods will cross over between June and July when the rate changes.
The ATO advises that t...
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Car depreciation limit increased for 2021-22
June 3, 2021
The ATO has updated the car cost limit for depreciation for the 2021-22 financial year to $60,733 (previously $59,136). The car limit is indexed annually in line with movements in the CPI ...
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Cryptocurrency trading is subject to CGT: ATO reminder
June 3, 2021
The ATO says that it will be writing to around 100,000 taxpayers with cryptocurrency assets explaining their tax obligations and urging them to review their previously lodged returns. It a...
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Victorian restrictions to continue and Business Costs Assistance Program
June 3, 2021
The Acting Premier has announced that the Victorian restrictions will continue for a further seven days for Greater Melbourne with an easing of restrictions for regional areas. The aut...
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Super Guarantee rate rising 1 July
June 3, 2021
The superannuation guarantee rate will increase from 9.5 per cent to 10 per cent on 1 July 2021.
Employers will need to ensure their payroll and accounting systems are updated to incorp...
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Profit from subdividing one block into 2 assessable income
June 3, 2021
The AAT has decided that the profit arising from the subdivision of a property into 2 lots and the sale of those lots was assessable as ordinary income.
In August 2016, Yvonne McCarthy an...
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Timesheet as proof for Work From Home shortcut method
May 20, 2021
The ATO has reminded taxpayers of the 3 different methods to calculate WFH running expenses:
an all-inclusive rate of 80 cents per work hour at home for all working from home expenses...
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Super funds and non-arm’s length expenditure: SMSF auditor obligations
April 29, 2021
The ATO has extended to 2021-22 its transitional compliance approach for the non-arm's length expenditure (NALE) rules set out in Practical Compliance Guideline PCG 2020/5.
As a result o...
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