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Receive breaking news directly to your inbox each day. SUBSCRIBE NOW. "Accountant 1 is on the money. The change in focus is quite disturbing. Aren't we about making... "Same old story - Govt agrees to change proposals to appease the criticism and then fails to deliver.... "These dob in provisions kill confidentiality, sow fear and mistrust in ...
ATO signals good-faith approach to tax agent deferrals
ATO deputy commissioner Hoa Wood said tax agents should be aware of the deferral options available to them, including agent and ATO-assessed deferrals. “The type of deferral you can access will depend on how much extra time you require, and the kind of obligation you are lodging,” Ms Wood said. “You can submit a deferral request by ...
Main residence exemption myths and misconceptions
When it comes to taxation, the family home is sacred. It is often the largest asset a taxpayer will own, and we all know that the family home is exempt from capital gains tax (CGT).This perception has caused many governments to remain gun shy about making changes that would lessen the generous concession available to homeowners; the main residence exemption (MRE).
ATO upgrades to ‘simpler, better’ lodgment deferral system
The revised application method will soon become the single point of entry for deferral requests, the Tax Office says. The ATO has launched a “better” lodgment deferral system that obviates the need to complete multiple spreadsheets and will soon become the single point of entry for all requests. The Tax Office said it had worked closely ...
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News and intelligence for Australian Accountants, focusing specifically on issues and industry developments of significance to the accounting profession.
ATO releases revised WFH expense claims guidance
Nov 2, 2022 · Revisions to the work-from-home rules reduce the shortcut or fixed-rate allowance from 80c an hour to 67c but allow additional claims for equipment and other expenses, the long-awaited ATO guidance reveals. Effective from 1 July 2022 – when the previous pandemic inspired provisions ended – PCG 2022/D4 sets out the ATO’s post-COVID regime ...
ATO offers lodgement deadline support | Accountants Daily
May 17, 2021 · Tony Greco, general manager of technical policy at the Institute of Public Accountants, said a blanket lodgement deferral had been requested after overwhelming feedback from practitioners. “We’ve received a hell of a lot of feedback,” Mr Greco told Accountants Daily. “We’ve gone back to face-to-face events and that was the clear ...
Tax | Accountants Daily
2 days ago · The latest news and announcements regarding Australian tax and compliance in the accounting landscape.
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6 days ago · The Annual Research Lecture facilitated by CPA Australia and the University of Melbourne marked 85 years last... Business - Tips and advice from leading specialists in the accounting sector to help further your career in the accounting industry.
ATO linking system takes giant stride into business
The revised procedure will encompass an additional 1.7 million entities from 13 November. The ATO’s revised client linking system takes a giant step forward in November to take in roughly 1.7 million businesses yet to be encompassed by the rollout. The expansion, which starts on November 13, applies to all businesses with an ABN except for ...