ATO Updates

ATO continues to cancelling inactive australian business numbers

The ATO Continues Clearing Out Inactive Australian Business Numbers

By Wen Wen / December 10, 2021

The ATO continues to review inactive ABNs for cancellation You may need to take action to prevent the cancellation of your ABN. The ATO has announced that it is continuing to review inactive Australian Business Numbers (ABNs) for cancellation. Your ABN may be selected for review if you have not reported business activity in your […]

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covid-19 relief measures for smsfs

ATO Extends COVID-19 Relief Measures For SMSFs

By Wen Wen / November 19, 2021

COVID-19 relief for SMSF trustees extended to 2021-2022 SMSF trustees that are financially impacted due to COVID-19 because of extended lockdowns in certain States and Territories will be granted extended relief to cover the 2021-22 financial year. The relief was originally offered by the ATO to SMSFs for the 2019-20 and 2020-21 financial years where […]

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claiming tax deductions for laundry expenses

Laundry Expense Deductions (How To Claim)

By Wen Wen / August 27, 2021

Claiming tax deductions for work-related clothing expenses The ATO allows certain taxpayers to claim a deduction for the cost of buying and cleaning occupation-specific clothing, items of protective wear and for certain unique, and usually distinctive, uniforms. To claim a deduction it is generally expected that you will be able to provide evidence that you […]

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avoid common mistakes in your business tax return

Avoid These Common Mistakes In Your Business Tax Return

By Wen Wen / August 17, 2021

How to avoid common mistakes in your returns We know you want to get your tax right, so it may help you this tax time to know how to avoid making what the ATO has found are the most common tax mistakes. To do this make sure you have: Declared all income, including cash and […]

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covid-19 rent concessions and its tax implications

Tax Implications Of COVID-19 Rent Concessions

By Wen Wen / June 29, 2021

Understanding your obligations as a landlord or tenant There may be tax implications when you give or receive rent concessions as a result of COVID-19. It’s important to understand these changes and your obligations as a landlord or tenant. The rent concessions can be: A waiver – the tenant no longer needs to pay the […]

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new guidance on the personal services income rules

ATO’s New Guidelines On The PSI Rules

By Wen Wen / June 22, 2021

ATO releases new guidance on the PSI rules The ATO has recently updated its guidelines on the operation of the personal services income (PSI) and personal service business (PSB) rules. These highly prescriptive rules took effect from the 2000-01 income year after the government became concerned that the income tax base was being eroded through […]

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