Car depreciation limit increased for 2021-22
June 3, 2021
The ATO has updated the car cost limit for depreciation for the 2021-22 financial year to $60,733 (previously $59,136). The car limit is indexed annually in line with movements in the CPI ...
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Cryptocurrency trading is subject to CGT: ATO reminder
June 3, 2021
The ATO says that it will be writing to around 100,000 taxpayers with cryptocurrency assets explaining their tax obligations and urging them to review their previously lodged returns. It a...
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Victorian restrictions to continue and Business Costs Assistance Program
June 3, 2021
The Acting Premier has announced that the Victorian restrictions will continue for a further seven days for Greater Melbourne with an easing of restrictions for regional areas. The aut...
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Super Guarantee rate rising 1 July
June 3, 2021
The superannuation guarantee rate will increase from 9.5 per cent to 10 per cent on 1 July 2021.
Employers will need to ensure their payroll and accounting systems are updated to incorp...
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Profit from subdividing one block into 2 assessable income
June 3, 2021
The AAT has decided that the profit arising from the subdivision of a property into 2 lots and the sale of those lots was assessable as ordinary income.
In August 2016, Yvonne McCarthy an...
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Timesheet as proof for Work From Home shortcut method
May 20, 2021
The ATO has reminded taxpayers of the 3 different methods to calculate WFH running expenses:
an all-inclusive rate of 80 cents per work hour at home for all working from home expenses...
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Super funds and non-arm’s length expenditure: SMSF auditor obligations
April 29, 2021
The ATO has extended to 2021-22 its transitional compliance approach for the non-arm's length expenditure (NALE) rules set out in Practical Compliance Guideline PCG 2020/5.
As a result o...
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Downsizer in-specie contributions confirmed by ATO
April 29, 2021
The ATO has confirmed that an individual can make a downsizer super contribution as an in-specie (ie non-cash) contribution, provided that the other eligibility criteria are satisfied.
...
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Unsuccessful Victorian business grants to be reassessed
April 29, 2021
Following recommendations by the Victorian Ombudsman, the Victorian Government has agreed to reassess unsuccessful applications for the Victorian Business Support Fund, which provided eligib...
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NSW small business rebate
April 22, 2021
Service NSW is offering a rebate for eligible sole traders, small business owners and not-for-profit organisations in NSW for a small business fees and charges rebate of $1,500.
Funds c...
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