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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…

‘Shortcut’ Method Extended For Home Office Tax Deductions

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Australians claiming deductions for home office expenses may continue to use the ‘shortcut’ method until December 31, after the ATO extended the period for making claims. The extension is aimed at providing additional tax relief for people working from home during the Covid-19 pandemic period. The shortcut method covers a…

New Budget Includes Steps to Modernise Australian Tax Collection

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The Australian government has made a series of announcements in an effort to adapt the country’s tax collection system to modern conditions. Among these is the removal of the 47% fringe benefits tax (FBT) for businesses that retrain workers who have been repositioned or made redundant. Other tax concessions will…