Modest but meaningful — we outline the highlights for personal tax, small business tax, superannuation and more announced in last night’s Federal Budget.
The Australian Tax Office (ATO) is responding to increased criminal efforts to impersonate legitimate taxpayers to lodge fraudulent tax returns or gain access to data that they can make money from with changes that prevent unauthorised access to client accounts.
This year’s Federal Budget focuses on providing relief for those with children, homebuyers and social security recipients whilst maintaining pre-election commitments.
The ATO is ramping up their debt recovery action across the board for individuals as well as companies. It is crucial to keep all lodgements up to date even if the resulting debt can’t be paid straight away.
With the end of financial year approaching quickly, NOW is the time to discuss with us the actions you can take before 30 June 2022 to reduce your tax and grow your wealth.
If the ATO believes you are no longer carrying on an enterprise, they may contact you to advise of their intention to cancel the Australian Business Number (ABN).
Our team is available to assist you to capitalise on any of the Budget measures or minimise your risk. As always, the detail is important so please let us know if we can assist. We’ll keep you up to date as the detail of these measures comes to hand.
The 2020 Budget is all about jobs, jobs and spending to make more jobs. We already have JobSeeker and JobKeeper, and now we have JobMaker and JobTrainer.
If you work from home right now, remember to keep records and receipts for your home office expenses, along with a record of the hours you work from home. Keeping good records now will help to get your deductions right at tax time. The ATO has a PDF poster you can download to help understand what you can claim.
When hiring workers, do you understand the difference between contractors and employees for tax and super purposes?