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Tax Cuts Aim to Increase Consumer Spending

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Close to 8 million individuals received tax cuts in recent months, partially on the hope that an extra $760 boost would increase local spending. According to the ATO, people in the low-to-middle income bracket received up to $1080 extra throughout the year, as a result of tax relief initiatives. The…

Google Inks Content Deals Evading Tough Media Bargaining Laws

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The last few weeks have left many Australian businesses worried that their investment in online marketing could go to waste after the negative reaction by Google and Facebook to the impending media bargaining code. The code is the Morrison government’s attempt to see media giants compensate local media companies for…

Lending Recovers As JobKeeper End In Sight

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The Australian Banking Association (ABA) is reporting that almost 85% of loans that were placed in deep freeze during the Covid pandemic have now resumed normal repayment. This is being seen as a positive sign that the economy is recovering. By June 2020, banks had suspended about $264 billion in…

Cybercrime Fears Peak As COVID-19 Continues To Push More Activity Online

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The COVID-19 pandemic continues to cause much of the population to severely restrict their movements for the sake of limiting transmissions. In adhering to lockdowns and other restrictions, many Australians have been compelled to stay home for extended periods. This has in turn led to much greater time spent online.…

As Superannuation Withdrawals End, Upcoming Legislation Draws Renewed Tension

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The superannuation withdrawal period ended on January 1, after around 3 million Australians accessed their retirement savings. According to the ATO, a total of $36 billion has been taken out, following initial estimates of $29.5 billion prior to the programme’s extension. There had been some confusion surrounding eligibility for the…

Bitcoin Investment Gaining Popularity

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Though volatile at times, Bitcoin has gained in value considerably since its introduction. Moreover, its rise has largely been unaffected by COVID. Bitcoin has more than doubled its market value since January, partly due to central banks’ easing of interest rates which have shown to affect the popularity of cryptocurrency.…

6-Member SMSF Proposal Gets Approval from Senate Committee

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When the Treasury Laws Amendment (Self-Managed Superannuation Funds) Bill 2020 came back to the Senate in early September, it once again put on the table a proposal to scale SMSF member limits from four to six. Although Labor has expressed concern over potentially negative outcomes for SMSF members, the Senate…

ATO Extends Data Collection to Ensure Compliance in JobKeeper Programme

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The administrative trend toward data collection and analysis continues, as the ATO extends its data-matching programme with the Department of Home Affairs. The 3-year extension will further consolidate their database regarding recent visa grants in the 2020-21 to 2022-23 financial years. Each financial year, an estimated 10 million individual records…

What does 2021 have in store for ATO audit activity?

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Much of the world has experienced some sort of shutdown this year, with governments implementing financial support strategies to keep their economies from slipping into a recession amid the COVID-19 pandemic. Australia was no exception, with support packages such as JobKeeper and cash flow boost propping up the country. In…