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Tax time 2020 will be anything but routine, with the great disruptor that is the COVID-19 pandemic and the associated government economic stimulus, there are some key matters for individuals to be aware of this year. These include the tax treatment of early access super, the use of the simplified method to claim work from home expenses, payments related to being stood down ...
Read MoreBusinesses that received the initial cash flow boosts as a part of the COVID-19 stimulus measures are in line for additional payments for the June to September quarter. Generally, the additional amount businesses will receive will be equal to the total amount that they initially received and will be split evenly between the lodged activity statements. However, if you’ve made adjustments
Read MoreDuring retirement, we may draw upon one or more sources of income to fund our retirement years.These sources can be retirement savings (super and non-super), potential social security entitlements, and income from work. In terms of drawing upon income from work, this appears to be increasingly more prevalent. For example, when looking at the long-term data* on the workforce participation rate for Australians aged 65 and older.
Read MoreIn the wake of the COVID-19 pandemic the ATO have acknowledged that taxpayer’s ability to claim deductions will be completely different to any other year.
This presents our clients with the ability to claim increased deductions for items such as working from home expenses, however it also provides the ATO with the opportunity to conduct more detailed data matching and the ATO has advised that the 2020 tax year will see an increase in audit activity for work related deductions.
While the due date for SMSF annual returns depends on the particular fund, if you had an SMSF at 30 June 2019 or has wound up an SMSF during the last financial year, you will need to lodge a return. To assist taxpayers with completing the return, the ATO has released a list of the most common mistakes to avoid, including lodging a return without auditor details...
Read MoreIf your business is in relatively good shape and have been contemplating an asset purchase, now is the time. Not only will you be helping the Australian economy get back on its feet, you’ll be doing your business a favour by taking advantage of the instant asset write-off threshold of $150,000. Which is the highest it has ever been or will likely to be for a while.
Read MoreIn broad terms, traditional finance theory assumes we make decisions in a rational and unbiased manner. Whereas, behavioural finance theory states that this in fact isn’t always the case.
For example, when making decisions that affect our financial wellbeing, there can be a behaviour gap between what we potentially should do and what we actually do. Cognitive bias can play a part in this behaviour gap.
Last year, some 107,000 ATO impersonation scam calls were reported to the authorities, the real number is likely to be much higher given that most of these calls go unreported. The scammers are increasingly using technological advances to appear more legitimate and nab unsuspecting victims. One technique commonly used by these conmen is spoofing, where software overstamps an overseas number with an Australian number, typically that of the ATO.
Read MoreBusinesses wanting to participate in the Federal Government’s post-COVID-19 economic recovery projects need to be aware that they may need to obtain a statement of tax record (STR) from the ATO prior to the commencement of any tender process. Any contracts over $4m (including GST) will require a STR which basically shows whether a business has had satisfactory engagement with the tax system including registration and lodgement obligations.
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