Tag: Government

Australian Tax Office Set to Target Successful Businesses in an Audit

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With the impact the pandemic has had on businesses locally as well as globally, governments, including the Australian government, have been making concessions to business to help soften the blow. However, as the vaccine rollout continues, governments are now increasingly looking to try and get back to business as normal.…

Hopes Of Aged Care Levy Dwindle Despite Support From Public And Experts

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The recent release of a final report by the Royal Commission into Aged Care Quality and Safety has put forward 148 recommendations aimed at resolving troubles plaguing a sector in crisis. According to commissioners Lynelle Briggs and Tony Pagone, there should be an introduction of an aged care levy. They…

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…

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…

‘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…

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.…

Australia Faces Huge Budget Deficit Due to COVID-19

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The coronavirus pandemic is expected to give Australia its largest budget deficit since World War II. After almost three decades of economic growth, the budget deficit is now expected to reach $184.5 billion in the new fiscal year. As Finance Minister Mathias Cormann put it: “We know why we’re here.…

Australian Government Invests in Cyber Security

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In response to a number of apparently state-sponsored cyberattacks in June, the federal government has announced its largest ever investment in cyber security – with $1.35 billion of funding dedicated over the next ten years “My government’s record investment in our nation’s cyber security will help ensure we have the…