Hardship priority processing of tax refunds
If your business is experiencing financial difficulties from the many lockdowns, the Australian Taxation Office (ATO) may be able to help by processing the tax return faster, if you are due a refund.
Working from home during a COVID-19 lockdown: Can you claim a tax deduction for rent?
The ATO has long held firm on the principle that rent payments (being a form of occupancy costs) are generally outgoings “of a private or domestic nature” and therefore not deductible, even where part of the rented home is used as a home office. However, it has been accepted that in some circumstances, a rent deduction may be claimed if a part of the home is used exclusively for income-producing activities and there is no alternative place of business provided by the taxpayer’s employer.
Recontributions of COVID-19 early released super
Under the COVID-19 early release measures, individuals could apply to have up to $10,000 of their super released during the 2019–2020 financial year and another $10,000 released between 1 July and 31 December 2020.
ATO announces STP Phase 2 blanket deferral
Australian employers will now have two more months to transition to the second phase of Single Touch Payroll as the ATO announces a blanket deferral in light of the current business environment.
Reminder: super changes for the 2021 financial year
The government’s long-slated “flexibility in superannuation” legislation is finally law.
Greenhouse gas emission by country since 1880
The total sum of CO2 emissions since 1880 (in tons). Food for thought, that's for sure
Treasury consults on increase to charities financial reporting threshold
The revenue thresholds defining small, medium and large charities are set to be raised, saving over 5,000 charities the need to produce reviewed or audited financial statements.
ATO extends COVID-19 relief for SMSFs
The ATO has made an extension to several COVID-19 compliance relief for SMSFs to cover the 2021-22 financial year.
Government expands SME loan scheme eligibility
Businesses that didn’t previously receive JobKeeper will now be eligible for loans of up to $5 million under the scheme, which will be made available through select lenders until 31 December.
Pitfalls and proposed changes in the use of R&D tax incentives
Since its introduction, a number of taxpayers have fallen foul of the ATO in its administration of the research and development (R&D) tax incentive scheme under the Income Tax Assessment Act 1997 (Cth) (ITAA) for failing to have claimed an offset for an activity that strictly complies with the relevant tests.