Tag: ATO

ATO Revs Up As JobKeeper Set To End In March 2021

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Accounting professionals are being advised to get their clients ready for an onslaught from the ATO as an end to JobKeeper is in sight. Since the pandemic began in early 2020, the ATO has paused its audit and compliance work in view of the stresses the business community has been…

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…

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…

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.…

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…

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…

Tax Office Examines Those Who Accessed Superannuations

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The Australian Tax Office (ATO) is examining over 400 account owners who issued early release claims on their retirement savings. In the investigation, ATO will scrutinise taxpayers and organisations that may have used a system loophole to dodge eligibility compliance, as a way of gaining early access to their superannuations.…

The latest tax audit claim stats that all accountants in Australia will want to know

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Every accountant will know that reviews or audits of your client’s tax returns can sometimes be unavoidable. This is seldom a reflection of the work that is put into preparing the returns and is more often than not due to a specific crackdown by the Australian Taxation Office (ATO) or other State government revenue authorities. It could be through a variety of data matching or artificial intelligence sources used to assist in initiating audit…

ATO Warns Employers that it will be on the Lookout for JobKeeper Cheats

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As the first wave of JobKeeper payments are distributed throughout the country, the Australian Taxation Office says it will be keeping a close watch on employers and will expose those who try to defraud the system. The government has allocated $130 billion for JobKeeper payments, which will pay eligible workers…