Tag: ATO

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…

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…

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…

ATO Launches New Service To Attract Significant Foreign Investment

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The ATO has just launched the New Investment Engagement Service (NIES) as part of the Morrison government’s efforts to attract more foreign investment to the country. This service will complement the already established Global Business and Talent Attraction Taskforce by offering new investors a chance to enjoy hands-on guidance and…

Accountants Warn Against Early Lodgement of Tax Returns

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While it may seem instinctively preferable to lodge your tax returns early, the Institute of Public Accountants (IPA) is advising against it. Taxpayers will be able to lodge their taxes from July 1, 2021, with the Australian Tax Office (ATO) stating they will begin “full processing” from July 7, 2021.…

Fair Work Commission Orders 2.5% Minimum Wage Increase

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Minimum wage earners can expect a boost following a decision by the Fair Work Commission to increase their wages by 2.5%. This will see full-time workers take home about $20.33 an hour, or $772.60 a week. It translates into an increment of $18.80 a week, impacting as many as 2.5…

Federal Tax Residency Overhaul Expected To Draw Talent

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The recently released federal budget has been geared towards helping the nation recover from the pandemic. Treasury head, Josh Frydenburg, indicated the government was not inclined towards taking austerity measures but rather aimed to lower taxes, limit the size of government, and ensure the delivery of essential services. He added…
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Understanding how the Australian Tax Office deals with Cryptocurrency

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Cryptocurrency is decentralised but it doesn’t mean it is tax free. It’s important that crypto activity is declared on a tax return as the Australian Tax Office (ATO) will be keeping a close eye on cryptocurrency activity. The ATO estimate between 500,000-1,000,000 Australians own cryptocurrency and every time any transactions…

Scammers impersonate ATO, costing Australians dearly

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A recent upsurge in fraudulent activity has plagued Australian taxpayers, continuing an already existing trend that takes advantage of people’s fears. Scammers have been impersonating the Australian Taxation Office (ATO), conning hundreds of people out of their savings. In 2020, Australians lost a reported $11.8 million to such incidents. The…