Tag: Tax

Tax Cuts Aim to Increase Consumer Spending

Blog
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

Blog
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…

What does 2021 have in store for ATO audit activity?

Blog
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

Blog
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…

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

Blog
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…

Sydney Woman Arrested for Role in Illegal Cryptocurrency Exchange

Blog
A 52-year-old woman was arrested by New South Wales police last month for her part in running an illegal cryptocurrency exchange. The case is the first of its kind in Australian history. The woman’s arrest came as part of a government crackdown on unlawful cryptocurrency exchanges, which officials say can…

JobKeeper payment audits and reviews are covered by Audit Shield

Blog
Tax shortcuts for working from home deductions, JobKeeper payments, and more. The Australian government is doing a good job of supporting the country through this unprecedented time of crisis but how will these actions affect audit activity for the rest of 2020? In the short term the Australian Taxation Office…

ATO Warns Australians of Yet Another Tax Return Scam

Blog
The vast majority of Australians were required to lodge their tax returns by October 31st, but complicating factors surrounding this process were highlighted when the Australian Taxation Office (ATO) released a statement warning people of impersonators fishing for personal and financial details. While Australian citizens were burdened with minor technical…