News


tax news - views - clues | October 2021

Expansion of support for SMEs to access funding

The Government is providing additional support to small and medium sized businesses ('SMEs') by expanding eligibility for the SME Recovery Loan Scheme. Specifically, in recognition of the continued economic impacts of COVID‑19, the Government will remove requirements for SMEs to have received JobKeeper during the March quarter of 2021, or to have been a flood affected business, in order to be eligible under the SME Recovery Loan Scheme.


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tax news - views - clues | August 2021

Reminder of superannuation caps indexation for 2022

From 1 July 2021, the superannuation contributions caps have been indexed for the 2022 income year.

The new concessional contributions cap for the 2022 financial year is now $27,500 (increased from $25,000).


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tax news - views - clues | July 2021

Cryptocurrency – What You Need to Know

Cryptocurrency (CC) has become increasingly popular with investors intrigued with its potential since its inception in 2009. Many investors mistakenly believe CCs fall outside the tax system. However, increased regulation and technological enhancements have enabled the ATO and most overseas counterparts to incorporate data-matching protocols. This identifies users and ensures they report trades correctly.


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tax news - views - clues | June 2021 - 2

ATO's taxable payments reporting system update

The ATO has confirmed that more than 60,000 businesses have not yet complied with lodgement requirements under the taxable payments reporting system ('TPRS') for 2019/20.


The TPRS is a black economy measure designed to assist the ATO to identify contractors who don’t report or under-report their income.


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tax news - views - clues | June 2021

Victorian Business Support Package-Government Circuit Breaker

On 30 May 2021, the Victorian Government announced a $250.7 million Circuit Breaker Business Support Package to help up to 90,000 Victorian businesses that have been affected by the restrictions that will run until 11:59pm on Thursday, 3 June.


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tax news - views - clues | May 2021

JobKeeper comes to an end

The ATO has advised that the final JobKeeper payment will be processed in April 2021. Enrolled businesses do not have to do anything when the program closes, although they will need to complete their final March monthly business declaration by 14 April 2021.


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Federal Budget 2021/22 | May 2021

2021/2022 Federal Budget

As the economy recovers on the back of the Coronavirus, the Federal Government has kept the fiscal tap open with spending this year targeting unemployment, infrastructure and aged care.

We have summarised the key initiatives announced in this year’s Federal Budget under the following categories:


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tax news - views - clues | April 2021

Paper PAYG and GST quarterly instalment notices

The ATO has previously advised that it will no longer issue paper activity statements after electronic lodgement. Instead, electronic activity statements will be available for access online, three to four days after the activity statement is generated.


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tax news - views - clues | Mar 2021

Changes to STP reporting concessions from 1 July 2021

Small employers (19 or fewer employees) are currently exempt from reporting ‘closely held’ payees through Single Touch Payroll ('STP'). Also, a quarterly STP reporting option applies to micro employers (four or fewer employees). These concessions will end on 30 June 2021.


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tax news - views - clues | Feb 2021

New measures applying from 1 January 2021

The Government has provided an update of a number of new measures which came into effect from 1 January 2021, including (among others):


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tax news - views - clues | Nov 2020

Tax cuts pass Parliament

The Government announced various tax measures in the 2020 Budget on 6 October 2020, and it was able to secure passage of legislation containing some of the important measures very shortly afterwards, as summarised below.

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tax news - views - clues | Oct 2020

Federal Budget 2020/21

1. Personal income tax changes

1.1 Changes to personal income tax rates

The Government has announced that it will bring forward changes to the personal income tax rates that were due to apply from 1 July 2022, so that these changes now apply from 1 July 2020 (i.e., from the 2021 income year). These changes involve:

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tax news - views - clues | Aug 2020

80 cents per hour 'shortcut' method for home office expenses has been extended

Back in April 2020 the ATO announced that a 'shortcut' method was to be made available to use from 1 March 2020 until 30 June 2020 for individuals claiming home office expenses due to COVID-19.   The ATO has recently announced an extension of this shortcut method to also include 1 July 2020 to 30 September 2020.


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tax news - views - clues | July 2020

JobKeeper Extension

The Federal Government announced on the 21 July 2020, that it is extending the JobKeeper program for eligible businesses and not-for profit charities by a further 6 months to 28 March 2021.


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tax news - views - clues | July 2020

Business Support Fund

The Victorian Government has announced a one - off $5,000 grant under the Business Support Fund to support businesses employing staff that have been impacted by Stage 3 ‘Stay at Home’ restrictions for a period of 6 weeks.


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tax news - views - clues | July 2020

Claiming Home Office Expenses in Your 2020 Tax Return – Holly Laidlaw

In response to the demand for workers to work from home, for the 2019/2020 Tax Year there have been some changes to the options available to taxpayer’s wanting to claim expenses related to them working from home. There are three options available to taxpayers, we have detailed each of these below. 


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tax news - views - clues | June 2020

JobKeeper declaration due 14 June

Businesses that have enrolled in the JobKeeper Scheme and identified their eligible employees are reminded that they will need to make a monthly declaration to the ATO to ensure they continue to receive JobKeeper payments.

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tax news - views - clues | May 2020

Coronavirus: Government’s JobKeeper Payment

A major part of the Government’s response to the Coronavirus (or 'COVID-19') pandemic is the ‘JobKeeper Payment’ Scheme.


The JobKeeper Payment is a wage subsidy that will be paid through the tax system (i.e. it will be administered by the ATO) to eligible businesses impacted by COVID-19.


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tax news - views - clues | April 2020

Claiming your “working from home”

The ATO have introduced new rules for claiming your “work from home” expenses.


In summary:


The Australian Taxation Office (ATO) is announcing special arrangements this year due to COVID-19 to make it easier for people to claim deductions for working from home.

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tax news - views - clues | March 2020

Court confirms ATO's position on foreign income tax offsets

The ATO has welcomed the decision of the High Court to basically uphold the decision of the Full Federal Court in a case which the ATO won, in relation to foreign income tax offsets ('FITO'). An Australian tax resident had sold some US investments and paid US tax on the gains.

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tax news - views - clues | Feb 2020 / 2

MYEFO – 2019/20

Treasury has released its Mid-Year Economic and Fiscal Outlook (‘MYEFO’) for 2019/20 forecasting a surplus of approximately $5 billion.

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tax news - views - clues | Feb 2020

Lifestyle assets continue to be an ATO audit target

The ATO has revealed it will request a further five years’ worth of policy information from over 30 insurance companies about taxpayers who own marine vessels, thoroughbred horses, fine art, high-value motor vehicles and aircraft.

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tax news - views - clues | December 2019

Super guarantee opt-out for high income earners now law​

From 1 January 2020, eligible individuals with multiple employers can apply to opt out of receiving super guarantee ('SG') from some of their employers, to help them avoid unintentionally going over the concessional contributions cap.

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tax news - views - clues | November 2019

Super guarantee opt-out for high income earners now law

From 1 January 2020, eligible individuals with multiple employers can apply to opt out of receiving super guarantee ('SG') from some of their employers, to help them avoid unintentionally going over the concessional contributions cap.

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tax news - views - clues | October 2019

$30,000 instant asset write-off​   


The ATO is reminding businesses that are looking to expand or improve their business and thinking of buying new or second-hand assets, that medium sized businesses with a turnover up to $50 million (but at least $10 million) are eligible for the instant asset write-off. 


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tax news - views - clues | Sept 2019

“Outrageous” deductions rejected​      


The ATO has published some of the most unusual claims that they disallowed last financial year. Nearly 700,000 taxpayers claimed almost $2 billion of ‘other’ expenses, but the ATO's systematic review of claims had found, and disallowed, some very unusual expenses, including: 


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tax news - views - clues | Aug 2019

Tax cuts become law      


The Government has announced that more than 10 million Australians will receive immediate tax relief following the passage of legislation through the Parliament, which increases the top threshold for the 19% tax rate from $41,000 to $45,000 and increases the low income tax offset from $645 to $700 in 2022/23.


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tax news - views - clues | July 2019

Personal income tax      


Changes to personal income tax rates The Government has proposed the following changes to the personal income tax rates:


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