Tag: Australian Taxation Office

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…

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…

Experts Differ With Government On Benefits Of Stage 3 Tax Cuts

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The Morrison government’s stage 3 tax cuts are set to take effect from 2024 but are already attracting criticism from various quarters. The changes they would bring include shifting the lower limit on the top tax bracket that pays 45% from $180,000 to $200,000. It would also see those earning…
crypto

ATO Puts Crypto Investors On Notice

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Since the pandemic started there has been a surge of investment in cryptocurrencies. 2021 has seen record-high values and the ATO has taken notice. More so when it comes to capital gains made from trading in the currencies. Investors have been warned that the ATO will be looking to ensure…
crypto

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…