Vic Government grant programs declared tax exempt: legislative instrument

Vic Government grant programs declared tax exempt: legislative instrument

July 23, 2021

The Government on 20 July 2021 with effect from 21 July, registered the Income Tax Assessment (Eligible State and Territory COVID-19 Economic Recovery Grant Programs) Amendment Declaration ...Read More Read More

Not all donations are tax deductible: ATO warns

July 23, 2021

The ATO on 14 July 2021 issued a release reminding taxpayers to make sure they have a record of the donations they are claiming this tax time. According to the ATO, nearly two thirds of...Read More Read More

ATO data-matching program for lifestyle assets

July 23, 2021

The ATO has issued a notice that it will acquire lifestyle assets data from insurance policies for about 300,000 individuals each year for the period 2020-21 to 2022-23. The data matching ...Read More Read More

Foreign-incorporated companies: transitional compliance approach extended

July 15, 2021

The ATO has extended until 30 June 2022 (or 31 December 2021 for early balancers) the transitional compliance approach set out in PCG 2018/9 for companies that treated themselves as non-re...Read More Read More

Effective life of depreciating assets from 1 July 2021

July 8, 2021

The Commissioner's annual ruling on the effective life of depreciating assets was released on 30 June 2021. TR 2021/3 with effect from 1 July 2021, includes new effective life determinatio...Read More Read More

Reasonable travel and overtime meal allowance amounts for 2021-22

July 8, 2021

On 30 June 2021, with effect from 1 July 2021, the ATO released its annual ruling on the amounts the Commissioner treats as reasonable for 2021-22 in relation to employee claims for: ov...Read More Read More

TAS: land tax reduction, stamp duty reduction, other

July 8, 2021

The Tasmanian Parliament has passed the Treasury Miscellaneous (Cost of Living and Affordable Housing Support) Bill 2021, which includes: increasing the First Home Owners Grant from ...Read More Read More

Financial reporting thresholds for charities to be increased: Minister

July 8, 2021

The Government announced on 30 June 2021 that it will increase the financial reporting thresholds for small and medium charities from 1 July 2022 (reporting against 2021-22 financial y...Read More Read More

FBT retraining and reskilling exemption now law

July 8, 2021

The law has now changed to exempt fringe benefits tax (FBT) from 2 October 2020, for employers who provide training or education to assist their redundant, or soon to be redundant, employe...Read More Read More

Div 7A: UPEs – sub-trust arrangements maturing in 2020-21 (Options 1 and 2)

July 8, 2021

On 30 June 2021, the ATO issued an updated version of Practical Compliance Guideline PCG 2017/13, on unpaid present entitlements (UPEs) and sub-trust arrangements. By way of background, ...Read More Read More