Expect changes in client 2019–20 tax return claims due to natural disasters and COVID-19
June 11, 2020
As a result of the impacts of natural disasters and COVID-19, the ATO anticipates changes to what people claim in their 2019–20 tax return. This is an opportune time to review your clients...
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Guidance for tax agents to complete granular data in 2019–20 tax return schedules
June 11, 2020
The ATO’s granular data capability has been expanded to include additional schedules for 2019–20 individual tax returns. Your experience of these changes will depend on your software.
...
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Indexation of tax instalments suspended
June 11, 2020
The government will suspend the indexation of tax instalment amounts for the 2020–21 financial year in response to COVID-19.
This change will affect instalments payable to the ATO for t...
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Instant asset write-off extended to 31 December 2020
June 11, 2020
The government will extend the $150,000 instant asset write-off for six months to 31 December 2020.
Australian businesses with annual turnover of less than $500 million will be able to ta...
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COVID-19: HomeBuilder grant
June 11, 2020
The government will introduce a $25,000 grant for eligible owner-occupiers to build a new home or substantially renovate an existing home.
The HomeBuilder grant will be available to indiv...
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Supply of transaction account GST-free to extent of use outside Australia
June 4, 2020
The ATO has released Draft Goods and Services Tax Determination GSTD 2020/D1, setting out the Commissioner's proposed view on the extent to which the supply of a transaction account is GST...
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2019-20 tax return pre-fill to include JobSeeker payments
June 4, 2020
From 20 March 2020, the new JobSeeker payment replaced certain Centrelink payments you may receive from Services Australia. As a result of these changes, your Centrelink payment summaries fo...
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Instant asset write-off and the car limit
June 4, 2020
Following the expansion of the instant asset write off, the ATO has clarified that the car limit of $57,581 (for the 2019–20 financial year) applies to passenger vehicles (except motorcycl...
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Finalised STP data due in July
May 28, 2020
The ATO has reminded employers to finalise payroll information through their Single Touch Payroll (STP) provider after the last pay run for the financial year. Large employers with 20 or mor...
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ATO announces no penalties or lodgment program impacts for late lodgments up to 30 June 2020
May 28, 2020
In an email to tax professionals on 25 May, ATO Deputy Commissioner Hoa Wood recognised the efforts of tax agents to complete lodgments as quickly as possible and that under the current circ...
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