Expect a stronger compliance regime after the office returns to business as usual. The ATO is focusing on a range of claims that have come into greater attention this tax year, from changing work-related expenses to the sharing economy and digital currencies, said H&R Block. Speaking to Accountants Daily, H&R Block director of tax communications…
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Expenses incurred from the test before the individual engages in work will most likely be covered, says CPA Australia. CPA Australia’s senior manager tax policy, Elinor Kasapidis, said the ATO is likely to take a “common-sense approach” to tax deductions on COVID-19 workplace tests. This would allow employees to claim tax deductions for COVID-19 tests…
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Businesses seeking to adopt e-invoicing will need to use providers accredited by the ATO. The ATO has released the latest register of e-invoicing service providers accredited by the Australian Peppol Authority. “The service providers included on this register have completed the Australian Peppol Authority accreditation process and are trusted to operate in the network,” the…
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The ATO has got its sums wrong with its increase in vehicle deductions by just 3¢ per kilometre. The rise in the work-related car expense deduction to 75¢ a kilometre from July fails to reflect the reality, said accounting bodies, and will leave millions of taxpayers short-changed. The ATO announced the rise, up from 72¢, last…
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Cryptocurrency is catching on fast in Australia and accountants need to be alert to the tax implications, says the ATO. Trades in cryptocurrency leapt 64 per cent in 2021 and the ATO is using data matching to make sure nothing slips through the net, acting assistant commissioner Sylvia Gallagher said last week. With more than…
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During the pandemic the ATO pressed pause on its usual regime, but it’s slowly returning to business as usual. The ATO will focus on chasing debts and artful tax dodgers now that Australia is returning to normal post-COVID, acting assistant commissioner Sylvia Gallagher said. Speaking at the Accountants Daily Strategy Day in Sydney last week…
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The recent ATO ruling on trust distributions is an “unfair” change to the game and accountants need to be aware that clients will be under increased scrutiny, says ChangeGPS founder Timothy Munro. Speaking at a recent ChangeGPS webinar, Timothy Munro said accountants were “livid” about the rulings that would force them to completely rethink their strategies heading…
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The ATO has urged businesses to consider the use of e-invoicing as it becomes the new and improved way to send and receive invoices for organisations. In a recent update, the ATO said that the adoption of e-invoicing can help businesses simplify and automate the exchange and processing of invoices. “Government agencies, business, and software…
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In February last year, the ATO launched a new compliance campaign targeted at late lodgements in response to concerns that a lapse in lodgement often indicates broader regulatory issues. ATO assistant commissioner, SMSF segment Justin Micale noted at the time that despite the due date for lodgement of the 2019 SMSF annual return being deferred until 30…
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The ATO has issued a reminder to those who have clients currently not up to date with their lodgment and payment obligations. The Tax Office said the new year is a good opportunity to check in with clients, noting that “if you find some are not up to date with their lodgment and payment obligations,…
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