Accountants Daily - News and analysis for accounting professionals
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COVID-19 payments to individuals, businesses to be tax-free …
WEBAug 3, 2021 · Tax-free business support payments. The new legislation will also ensure that COVID-19 business support payments will be treated as non-assessable non-exempt income. Business support payments will also only be tax-free if they are made under a program declared eligible by Treasurer Josh Frydenberg …
ATO signals good-faith approach to tax agent deferrals
WEBATO deputy commissioner Hoa Wood said tax agents should be aware of the deferral options available to them, including agent and ATO-assessed deferrals. “The type of deferral you can access will depend on how much extra time you require, and the kind of obligation you are lodging,” Ms Wood said. “You can submit a deferral request by ...
Main residence exemption myths and misconceptions
WEBWhen it comes to taxation, the family home is sacred. It is often the largest asset a taxpayer will own, and we all know that the family home is exempt from capital gains tax (CGT).This perception has caused many governments to remain gun shy about making changes that would lessen the generous concession available to homeowners; the main residence exemption (MRE).
ATO provides further guidance on SuperStream issues
WEBThe ATO has released further guidance on SuperStream rollovers along with updated tips on how to minimise delays when rolling super to or from an SMSF. By Tony Zhang • 23 December 2021 • 12 minute read. The ATO has recently updated guidance for SMSF trustees and members who wish to transfer their super to or from another fund, as well as ...
Tax | Accountants Daily
WEB5 days ago · The latest news and announcements regarding Australian tax and compliance in the accounting landscape.
Single Touch Payroll — closely held payees | Accountants Daily
WEBJun 28, 2021 · An exemption that relieved small employers (those with 19 or fewer employees) from having to report payments made to closely held payees through Single Touch Payroll () expires on 30 June 2021. This means that, from 1 July 2021, small employers will need to start reporting their closely held payees through STP.
How to navigate the ATO’s lodgment and payment options
WEBDuring the 12-month interest-free period, the taxpayer must comply with all lodgment and payment plan obligations. Agents can apply for payment-only deferrals and payment plans through OSfA. Payment plans for obligations exceeding $100,000 and interest-free payment plans can be made through the ATO call centre.
Parliament passes bill on tax-free COVID-19 support payments
WEBAug 10, 2021 · The newly passed bill will also ensure that COVID-19 business support payments will be treated as non-assessable non-exempt income. Business support payments will only be tax-free if they are made under a program declared eligible by Treasurer Josh Frydenberg and were received in the …
ATO changes interpretation around commercial debt forgiveness …
WEBThe ATO has taken a “complete backflip” with commercial debt forgiveness rules, with its draft tax determination ruling that a creditor must be a natural person to forgive a debt for reasons of natural love and affection. Last week, the Commissioner of Taxation released Draft Taxation Determination 2019/D9, close to eight months after it ...
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