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, a ...
Read More Read More
ATO to launch new service to attract foreign businesses
July 1, 2021
Treasury on 29 June 2021 issued a media release stating that the ATO will launch its New Investment Engagement Service (NIES) on 1 July 2021. The purpose of the NIES is to provide foreign ...
Read More Read More
FBT car parking benefits: ATO’s changed views on commercial parking stations – Taxation Ruling TR 2021/2
June 24, 2021
On 16 June 2021, the ATO issued TR 2021/2 on when a car parking benefit is provided for FBT purposes. It replaces the previous Ruling on this topic, TR 96/26, which was withdrawn when TR 2...
Read More Read More
ATO data-matching: novated leases and cryptocurrency
June 17, 2021
The Commissioner has gazetted 2 notices for the following data-matching programs:
The Notice of Data Matching Program - Novated Leases 2018-19 to 2022-23 financial years enables the A...
Read More Read More
Super guarantee rate rise – SG rate based on when employee is paid
June 17, 2021
On 1 July 2021, the super guarantee rate will rise from 9.5 per cent to 10 per cent. Some pay periods will cross over between June and July when the rate changes.
The ATO advises that t...
Read More Read More
