Tax mix to rely more heavily on income tax as the Treasurer ducks austerity

 

The Australian economy is predicted to grow “slower than previously thought” over the next 40 years, as the nation grapples with a tax mix that relies heavily on income tax despite an ageing population.

 

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Tax implications – more than one job

 

If you are working two or more jobs casually or have overlapping contract work, you need to be careful to avoid an unexpected end of financial year tax debt.

 

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ATO extends Division 7A COVID-19 relief

 

The Tax Office has extended relief for taxpayers who are unable to meet the minimum yearly repayments on Division 7A loans due to COVID-19.

 

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Super transfer balance cap increase from 1 July 2021

 

This year will be the first indexation increase of the $1.6 million pension limit.

 

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ATO extends STP finalisation due date

 

Employers have been given additional time to complete their Single Touch Payroll finalisation declaration this year as the ATO recognises the ongoing impacts of COVID-19.

 

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Home Office & end of 2021 tax year

 

In a Covid-ravaged financial year, small business owners need consider what actions now can benefit in saving income tax. Taxpayers with the best records often have the best deductions.

 

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Year-end tax planning

 

Tax time is here again and pressure is mounting.

 

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Post Federal budget reflections

 

The federal budget 2021–22 was handed down by the Treasurer, the Hon Josh Frydenberg MP, on 11 May 2021. This article considers the key issues as we wait for the legislative amendments to give effect to the budget measures.

 

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ATO sheds light on crypto compliance focus

 

The Tax Office has urged advisers and taxpayers alike to heed its guidance on accounting for cryptocurrency come tax time, when it will be looking to ensure that all capital gains events are accurately reported — not just gains.

 

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ATO Small Business Newsroom – May / June

 

The ATO provides information on a large number of business related topics, issues, rules and regulations.  We hope this article will help quickly you keep up to date.

 

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