The low and middle income tax offset (LMITO) announced in the 2018–19 Federal Budget continues to be available for 2019–20. An offset is not a refund and can only reduce the amount of tax you need to pay. The amount of the offset you may be entitled to will vary depending on your individual circumstances, […]
To support retirees with account-based pensions and similar products from having to sell investment assets in their self-managed super funds (SMSF) to fund minimum drawdown requirements, minimum drawdown requirements have been reduced by 50% for 2019–20 and 2020–21 income years. For SMSF trustees who have paid their member the minimum drawdown amount, payments can be […]
If you receive a refund from the Services Australia income compliance program, you or your tax agent do not need to take any action for tax purposes. That is: you will not be taxed on this amount you should not include it in your tax return you do not have to submit […]
Eligible individuals economically affected by COVID-19 can access some of their superannuation (super) early. The application is available through ATO online services in myGov. If eligible, you are able to access up to $10,000 of super before 30 June 2020 and a further $10,000 from 1 July 2020 until 24 September 2020. You do not need to pay […]
We recognise that due to COVID-19, a significant number of employees and business owners started working from home from 1 March and are incurring additional running expenses in relation to their income producing activities. In addition to the existing fixed rate and actual cost methods, we introduced a temporary ‘shortcut method’ of 80 cents per hour worked […]
Employees JobKeeper payments will be included on your income statement as salary and wages or an allowance, and needs to be included in your tax return. This information will automatically be included (pre-filled) in your tax return as your employer finalises your income statement. Tax agents also have access to this information. Sole traders Sole […]
In mid-March we announced the publication on our website of our detailed guidance on the independence standards for approved self-managed super fund (SMSF) auditors. Providing guidance in this format is enabling us to respond to changes, emerging issues and future guidance needs to assist approved self- managed super fund (SMSF) auditors to meet their obligations. […]
Changes to personal income tax thresholds announced by the Government during the Federal Budget have been incorporated into the withholding schedules and tax tables and will apply to payments made on and from 13 October 2020. As the changes to withholding are made part way through the income year, employers and other payers who are unable […]
