JobKeeper: The next steps

The first tranche of JobKeeper ended on 27 September 2020. We look at the issues for those seeking to qualify for the second tranche of JobKeeper and for those no longer eligible.

Your questions answered. Working from home

During lock down I have had to work from home. I’ve set up a full home office with paintings, plants, a desk, computer equipment, a water tower and a sculpture. I presume I can claim everything I have purchased for this office and claim part of my mortgage and running costs?

TaxationJPR BUSINESS GROUP6 August 2020working from home, tax deductions, Taxation, Tax

New alert system to protect SMSFs from fraud

A new system alerting SMSF trustees of changes made to their SMSF will roll out this month. The ATO will alert trustees by text and/or email when changes are made to bank details, electronic service address of the fund, the authorised contact and members.

Superannuation, TaxationJPR BUSINESS GROUP29 January 2020SMSF, superannuation, self managed super funds, Taxation, Tax

CGT and the family home: expats and foreigners targeted again

The Government has resurrected its plan to remove access to the main residence exemption for non-residents – a move that will impact on expats and foreign residents.

Taxation, SuperannuationJPR BUSINESS GROUP1 November 2019Tax, Taxation, Capital Gains Tax

Tax alert: Distributions to non-resident beneficiaries

The ATO’s recently released interpretation of the tax treatment of capital gains distributed by an Australian discretionary trust to non-resident beneficiaries will have a significant negative impact for some.

TaxationJPR BUSINESS GROUP3 October 2019ATO, Tax, Taxation, Capital Gains Tax

The ATO 'removes the gloves' on overseas income

How you are taxed and what you are taxed on depends on your residency status for tax purposes. As tax residency can be different to your general residency status it’s important to seek clarification. The residency tests don’t necessarily work on ‘common sense.’

The small business tax shortfall is worth $1.1 billion

Last month, the ATO released statistics showing small business is responsible for 12.5% ($11.1 billion) of the total estimated ‘tax gap’. These new figures give visibility to tax compliance issues within the small business sector and indicate where we can expect ATO resources to be focussed now and in the future.

Financial Accounting, Investment, TaxationJPR BUSINESS GROUP1 September 2019ATO, Tax, Taxation, small business, business

Personal income tax changes – addressing the confusion around what you are really entitled to?

The recent income tax cuts that passed through Parliament do not mean everyone automatically gets $1,080 back from the Government as soon as they lodge their income tax return. The Australian Taxation Office (ATO) has been inundated with calls from taxpayers wanting to know where their money is and how they can access the $1,080 they now believe is owing to them.

TaxationJPR BUSINESS GROUP31 July 2019Tax, income tax, Taxation, personal tax, ATO, australian tax office

Tax office to double audits of 'dodgy' rental deductions

Rental property owners are being warned to ensure their claims are correct this tax time, as the ATO has announced it will double the number of audits scrutinising rental deductions

Single Touch Payroll Update

The ATO has reminded employers that legislation has been passed to extend Single Touch Payroll ('STP') to include all employers from 1 July 2019.

This will be a gradual start, and not all employers will start reporting at the same time.