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Solar Energy Users Refuse Solar Tax

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Solar energy is harnessing sunlight and turning it into electricity or used in heating. Australia has the highest solar radiation per square metre and the best solar energy resource in the world. Unfortunately, as this method for generating power becomes more popular, the rise in solar power use is creating…

Businesses Granted Extension for Virtual AGMs

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To further aid businesses contending with the impact of the Covid-19 pandemic, the government has decided to extend relief that would allow companies to undertake annual general meetings (AGMs) virtually. Treasurer Josh Frydenberg confirmed that AGMs could continue being held this way until 31 March 2022. It will also allow…

Luxury Goods Under Watch

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The Australian Tax Office (ATO) has warned that they have their eyes on big spenders. No matter what purchase – your luxury goods purchases must match your declared income. Anyone who are attempting to fool the ATO are warned. Data matching technology is sophisticated and will uncover any discrepancies in…

Predicted ATO audit activity trends for 2021 & 2022

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Despite the temporary slowing in 2020 of the Australian Taxation Office (ATO) and other State & Federal government revenue authorities’ audit activity levels due to the Covid-19 pandemic, 2021 has already proved to be as busy as ever. Our claims team recently published an article on tax audit claim stats all…

Proposed Law To Make New COVID-19 Payouts Tax-Free

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The Treasury Laws Amendment (COVID-19 Economic Response No. 2) Bill 2021 was recently presented in parliament. It seeked to ratify declarations made by PM Scott Morrison that Australians will not pay taxes on the latest round of lockdown payments come the next tax season in 2022. This is a change…

Afterpay sold for $39 billion

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Afterpay gives its customers the option of four interest-free instalments to pay off virtually any consumer item. This includes items purchased in-store or online. The Covid-19 pandemic allowed the company to soar. There has been an increase in those choosing online shopping or as a way for consumers to manage…

ATO Releases Over $5.3bn In Tax Refunds

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It is good news for many Aussie taxpayers as the ATO has disbursed over $5.3 billion in tax refunds in July. With over 2.1 million recipients, it brings the average refund to about $2,490. With the new financial year only having recently started, it is a helpful injection into the…

AU Extended lockdown for NSW may spark a recession

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The more dangerous Delta variant of the Coronavirus has led to an increased number of cases in NSW; the state will now remain in an extended lockdown until at least the end of August 2021. The current lockdown has repeatedly been extended, as the infected number of people continues to…

ATO Affirms Data Matching Program On Lifestyle Assets

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The ATO has published a gazette notice in the Federal Register of Legislation that confirms their intention to acquire lifestyle assets data from an estimated 25 insurers on specified insured lifestyle assets that meet nominated thresholds. The data collected will be cross-checked against internal data holdings at the ATO. The…