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Author: Tarun Kumar

Single touch payroll: When your reporting can cease
February 11, 2021

Single touch payroll: When your reporting can cease

February 11, 2021

A business may no longer be required to lodge single touch payroll (STP) reports for a number of reasons. These are if your business no longer has employees, has ceased trading, has changed structure, is not paying employees for the rest of the year, or has paused due to COVID-19. Depending on your business’s situation…

Natural disasters and help with your tax
February 10, 2021

Natural disasters and help with your tax

February 10, 2021

Now that we are into bushfire season, and even flooding events have already occurred, it is perhaps timely to be reminded that as well as the more obvious immediate devastation inflicted on people’s property, destructive events such as fires or floods can also mean loss of income for the many affected people. This can come…

JobMaker hiring credit: What you need to know
February 2, 2021

JobMaker hiring credit: What you need to know

February 2, 2021

JobMaker hiring credit: What you need to know   The Jobmaker Hiring Credit scheme was passed into law in mid-November 2020. Jobmaker was part of the 2020-21 Federal Budget and will operate until 6 October 2021. It is designed to improve the prospects of young individuals getting employment, by incentivising employers to hire them, following…

Here’s what attracts the ATO’s attention about luxury car tax
January 28, 2021

Here’s what attracts the ATO’s attention about luxury car tax

January 28, 2021

Here’s what attracts the ATO’s attention about luxury car tax The ATO has announced that it has identified some common errors regarding luxury car tax (LCT) claims, but also says there are issues it has identified with LCT that are more associated with actively trying to pay less tax than required. Common errors Some common…

CGT when spouses have different main residences
January 26, 2021

CGT when spouses have different main residences

January 26, 2021

CGT when spouses have different main residences It can sometimes be the case that spouses can have different main residences at the same time. When this occurs, special CGT rules apply to in effect provide only one CGT main residence exemption over this period. However, important decisions and choices may need to be made to…

New data matching programs initiated by Federal Government
January 21, 2021

New data matching programs initiated by Federal Government

January 21, 2021

New data matching programs initiated by Federal Government Over the first quarter of this financial year, the government has initiated two new data-matching programs, using data that the ATO holds. Data matching involves bringing together data from different sources and comparing them. For example, records from different agencies or businesses are compared, with the results…

January 20, 2021

January 20, 2021

Succession planning for family businesses For most family businesses as well as private groups, succession planning (sometimes known as transition planning) involves considerations around the eventual sale of your business, or the passing of control of it to other family members when you retire. Depending on your circumstances, this may include realising assets and making…

January 14, 2021

January 14, 2021

Both tax and SMSF audits on still on ATO’s radar, but some leniency is given While the ATO has lately been focusing on the rollout of stimulus measures, it has also flagged that audit work is not off the table completely. In late July, when the ATO fronted a parliamentary Senate Select Committee on COVID-19,…

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