Snippets – 24th June 2022

Tax Time 2022: businesses get ready As the end of another tax year approaches, the ATO is reminding businesses that it’s time to: see if there are tax-deductible items your business needs before 30 June; check if there are any concessions your business can access before 30 June; think about your recordkeeping habits this past year – should anything be done differently in future? If your business has employees, the…  Read more


Temporary full expensing of assets extended The availability of temporary full expensing of depreciating assets for business has been extended for another year until 30 June 2023. This measure was originally introduced in 2020 as a part of the Federal Government’s COVID-19 business rescue package, aimed at encouraging business investment by providing a cash flow benefit. As originally introduced, the measure was due to end on 30 June 2022. Businesses…  Read more


ATO scrutinising gifts or loans from overseas The ATO has recently issued an alert warning taxpayers against disguising undeclared foreign income as gifts or loans from related overseas entities, including family and friends. It says it has continued to encounter situations where Australian resident taxpayers have derived amounts of income or capital gains offshore that are assessable, but the taxpayers have failed to declare the amounts in their income tax…  Read more


Federal COVID-19 support developments Additional financial support for child care providers The Prime Minister and the Minister for Education and Youth recently announced new support measures for child care providers that are impacted by extended COVID-19 lockdowns. Child care services in Commonwealth-declared hotspots will be eligible for new fortnightly payments of 25% of their pre-lockdown revenue, and outside school hours care (OSHC) services will be eligible for fortnightly payments of…  Read more


Single Touch Payroll update Phase 2 coming soon The ATO is expanding the information that businesses send through Single Touch Payroll (STP). From 1 January 2022, most employers will be required to send additional information such as the commencement date of employment and cessation date of employment for employees, their reasons for leaving employment and work type. The basic information about salary and wages and super liability information in Phase 1…  Read more


ATO tax time support: COVID-19 and natural disasters The ATO has a range of year-end tax time options to support taxpayers who have been affected by the COVID-19 pandemic and recent natural disasters. Income statements can be accessed in ATO online services through myGov accounts from 14 July. The ATO also reminds those who may have lost, damaged or destroyed tax records due to natural disasters that some records can…  Read more

Snippets – Client Alert

Temporary COVID Disaster Payment now available The Federal Government has announced a temporary COVID Disaster Payment to assist workers who live or work in a Commonwealth declared hotspot, who are unable to attend work and earn an income as a result of state-imposed health restrictions that last for longer than one week. The payment, available for Australian citizens, permanent residents and eligible working visa holders, is up to $500 per…  Read more


Are you ready for Tax Time 2021? Don’t jump the gun and lodge too early Tax time 2021 is almost here, but it’s likely to be anything but routine. Many people on reduced incomes or who have increased deductions may be eager to lodge their income tax returns early to get their hands on a refund. However, as always the ATO is warning against lodging too early, before all your…  Read more

Federal Budget 2021

PERSONAL TAXATION Personal tax rates unchanged for 2021–2022 In the Budget, the Government did not announce any personal tax rates changes, having already brought forward the Stage 2 tax rates to 1 July 2020 in the October 2020 Budget. The Stage 3 tax changes will commence from 1 July 2024, as previously legislated. The 2021–2022 tax rates and income thresholds for residents are therefore unchanged from 2020–2021: taxable income up…  Read more

Federal Budget 2020: What it means for you

The Federal Budget was released on Tuesday 6th October. This article has a good summary of the “Winners and Losers” of the Budget. You’ll also find a recap of the key points below. Key Points: This budget is based on economic assumptions including that there will be a COVID-19 vaccine rolled out by the end of 2021. Tax cuts for workers – more money in pockets for more Australians. JobMaker…  Read more

COVID-19 updates you should know

8th April 2020 Rental waivers and deferrals for commercial tenants Prime Minister Scott Morrison announced some new measures for landlords and tenants yesterday (Tuesday 7th April). The new mandatory code will apply to tenancies where the tenant or landlord is eligible for the JobKeeper program, which means those that are in financial distress. This code was described to include “good-faith principles” where landlords must not terminate the lease or draw…  Read more


JobKeeper Payments Legislation to Pass Parliament on Wednesday Sunday 5th April,On Sunday Christian Porter, the Federal Attorney General, gave a commitment to Australian businesses that “the JobKeeper Payment legislation would pass parliament on Wednesday, no matter how late the parliament needs to sit to get the bill passed.” “This is one of the most important drafting exercises post WW2, with $130 billion of economy and job saving expenditure to be…  Read more

Client Alert

BUSINESS CONTINUITY PLAN Introduction “Most people aim at nothing – and they hit it with alarming accuracy.” The Jeffrey Todd & Associates team are here during these difficult times to support and provide positivity to you and your business! As a business owner, there’s one key thing you need to totally focus on now – keeping your business alive during these difficult times. It’s not all doom and gloom either…  Read more


ATO confirms Single Touch Payroll concessions and quarterly reporting Since Single Touch Payroll reporting became mandatory, it’s been unclear exactly how much wiggle room is available for very small businesses, seasonal operators and closely held payees – until now. Single Touch Payroll (STP) represents one of the biggest changes to the way businesses reporting salary and wage payments to the ATO in recent times. First mandated for businesses with 20 or…  Read more

Budget 2019 Snippets

PERSONAL TAXATION Personal tax cuts: low–mid tax offset increase now; more rate changes from 2022 In the 2019–2020 Federal Budget, the Coalition Government announced its intention to provide further reductions in tax through the non-refundable low and middle income tax offset (LMITO). Under the changes, the maximum reduction in an eligible individual’s tax from the LMITO will increase from $530 to $1,080 per year. The base amount will increase from…  Read more

Snippets 13th February 2019

Single Touch Payroll Today, the Australian Federal Parliament passed legislation that requires even the smallest of employers to electronically file each pay run with the tax office using Single Touch Payroll, starting July 1. It’s a big ask for the nation’s 2.3 million small businesses, which employ 40 percent of all workers. Many of these employers still use a combination of spreadsheets, ATO paper tax tables and Post-it notes to process payroll.…  Read more

Snippets 14th January 2019

“Unexplained” bank deposits included in taxpayer’s assessable income The AAT has upheld tax assessments which included “unexplained” bank deposits totalling $133,579 in a taxpayer’s assessable income. Facts The taxpayer lodged a return for the income year ending 30 June 2014 but did not lodge a return for the income year ending 30 June 2015. The Commissioner was not satisfied with the amount declared as taxable income in the 2014 return…  Read more


Toxic leaders poison entire companies, and once they get authority over others, they don’t let it go willingly. Thankfully, any business can destroy their poisonous influence. Tell The Truth Toxicity thrives when no one tells the truth, but the reverse is also true. If your employees are honest about each other, they can uncover toxic conduct and destroy it. Employees know how obnoxious leaders can be, but reporting their actions…  Read more


Ask any successful entrepreneur about their path to greatness and you’ll get the same answer: failure is an inevitable part of the journey. It took Thomas Edison 1,000 failed attempts before he finally invented the light bulb. Tim Ferris received 25 rejections before his bestselling book, “The 4 Hour Workweek” was finally published and sold millions of copies. It’s a fact that 20% of businesses fail in their first year…  Read more


Removing tax deductibility of non-compliant payments From 1 July 2019, you can only claim deductions for payments you make to your workers (employees or contractors) where you have complied with the pay as you go (PAYG) withholding and reporting obligations for that payment. If the PAYG withholding rules require you to withhold an amount from a payment you make to a worker, you must: withhold the amount from the payment before…  Read more

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