News

ASIC extends deadlines for financial reports and AGMs

May 7th, 2021

The Australian Securities and Investments Commission (ASIC) has announced that it will extend the deadline to lodge financial reports for listed and unlisted entities by one month for balance dates from 23 June to 7 July 2021 (inclusive). ASIC said the extension will help alleviate pressure on resources for the audits of smaller entities and [...]

NSW announces tougher penalties for payroll tax avoidance

May 7th, 2021

The NSW Government has announced that it will introduce new legislation to increase penalties for payroll tax avoidance, as well as providing it with the ability to name taxpayers who have underpaid payroll tax on wages. The changes are directed at those employers who underpay wages, which of course reduces the employers’ payroll tax liabilities, [...]

ATO data-matching: residency for tax purposes

May 7th, 2021

The ATO has announced a new data-matching program that will use information collected from the Department of Home Affairs. It is designed to determine whether business entities and individuals are Australian residents for tax purposes, and whether they’ve met their lodgment and registration obligations. This is in addition to the existing visa data-matching program, which [...]

Can your business claim a tax deduction for bad debts?

May 7th, 2021

April 2021 has been a closely observed month financially, with many government COVID-19 economic supports coming away. There’s no doubt that some businesses will find themselves owed debts that cannot be recovered from customers or other debtors. If your business is facing this type of unrecoverable debt, commonly known as a “bad debt”, you may [...]

ATO targets contractors who under-report income

May 7th, 2021

More than 158,000 businesses have now reported all their payments made to contractors in the 2019–2020 year, and the ATO is using its Taxable Payments Reporting System (TPRS) to make sure the payments, totalling more than $172 billion, have been properly declared by both payers and recipients. The TPRS captures data about contractors who have [...]

ATO focus in relation to JobKeeper

May 7th, 2021

The ATO has recently announced it’s keeping an eye out for areas of concern in relation to JobKeeper, including what may constitute “fraudulent behaviour”. It is paying special attention to situations where employers may have used the JobKeeper scheme in ways that avoided paying employees their full and rightful entitlements. Businesses are being examined where [...]

Independent resolution process for small businesses now permanent

May 7th, 2021

Small businesses now have another pathway to resolve tax disputes, with the ATO making its independent review service a permanent option for eligible small businesses (those with a turnover of less than $10 million) after a successful multi-year pilot. The service’s original pilot commenced in 2018 and centered around income tax audits in Victoria and [...]

Life insurance in super: costs on the way up?

April 1st, 2021

Having insurance through superannuation can be a tax-effective and cost-effective way of protecting yourself and your loved ones. Most funds offer three different types of insurance through super, each covering different contingencies: life insurance, total and permanent disability (TPD) insurance and income protection insurance. Life cover pays a lump sum or income stream to your [...]

COVID-19 stimulus and support measures winding back

April 1st, 2021

A number of important COVID-19 related government stimulus and support measures are now coming to an end, and some others have begun phasing out, which will occur over a slightly longer period. This means that businesses and individuals need to prepare for an environment where the government safety net is not as wide. TIP: If [...]

ATO reminder: lodge your TPAR

April 1st, 2021

The ATO is reminding owners of businesses that provide various services to lodge their taxable payments annual report (TPAR) for the 2019–2020 income year. It estimates that around 280,000 businesses were required to lodge a TPAR for the 2019–2020 financial year, but at the beginning of March around 60,000 businesses still had not complied with [...]


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