Changing a loss carryback decision The proposed modification to allow a loss carry back choice to be amended becomes law on December 7, 2021. To change a loss carry back option, an organisation must notify the Commissioner using an … Read Full Story
The Australian Government announced on 11 May 2021, as part of the 2021–22 federal Budget, that it will abolish the $450 monthly threshold to expand coverage of super guarantee to qualified employees regardless of monthly pay. This measure is … Read Full Story
The Australian Taxation Office is working hard to shatter the misconception that cryptocurrency gains are exempt from tax or taxable only when cashed back into dollars. At a glance According to the Australian Taxation Office, more than 600,000 taxpayers … Read Full Story
We’ve updated the GST property decision tool to help buyers, sellers and lessors determine their GST obligations for real property transactions. The tool will help when buying, selling, or leasing real property including: new, existing and potential residential and … Read Full Story
The ATO has raised its concerns on the increase in scams involving fake superannuation investments targeting SMSFs. In a recent update, the ATO said that it is seeing a rise in the number of scams involving fake superannuation investments. … Read Full Story
Are your employer clients prepared for Single Touch Payroll? STP is a government initiative to streamline business reporting obligations, which is due to become compulsory from 1 July 2018. When an employer pays their employees, the payroll information will … Read Full Story
The tax office has revealed 36% of the largest public companies and multinational entities in Australia paid no tax in the most recent financial year on record. It means there has been no significant shift in the proportion of … Read Full Story
Rental property investors can claim capital works deductions for construction costs for a rental property, however there are limits imposed in relation to the dates such works were completed. The deductions are only available on residential properties if these … Read Full Story
This guidance paper provides an overview of the tax treatment for transactions associated with crypto currencies, specifically bitcoin. This guidance also applies to other crypto or digital currencies that have the same characteristics as bitcoin. The guidance in this … Read Full Story
On 9 May 2017 the Government announced that from 1 July 2018 businesses that supply courier or cleaning services will need to report payments made to contractors if the payments are for courier or cleaning services. These payments must … Read Full Story
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