The ATO is offering a hand: Take if you need it

The ATO says it understands that many tax practitioners have been significantly affected by COVID-19 and other events, and may be struggling to keep on top of clients’ lodgment obligations. It says that if you need help at this time, it encourages you to reach out sooner rather than later, as it has services available

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Daily updates: 3-7 May

7 May No more COVID-related “get out of jail” card from ATO regarding bad debts At the top of the ATO’s web page listing its “completed issues” so far for 2021, it has inserted a notice about the treatment of, and general guidance on, bad debts. The ATO says: “We have determined that it is

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Daily updates: 26-30 April

30 April ATO’s monthly performance scorecard records a few misses The ATO publishes a performance report on its service commitment activities each month, and the latest shows a few areas where it could have done better. Up to 31 March, responding within timeframes to SG employee notification issues within four months rated well below expectations

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Daily updates: 19-23 April

23 April Newly registered tax practitioners encouraged to join the conversationThe ATO holds open forums on a regular basis, and is encouraging new practitioners to take part in the upcoming sessions. Attendees can ask questions and hear tips and tricks that will help advance their career. See a list of topics here, and scroll down for

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Change of menu for business registration, and director ID regime is the entrée

The Modernising Business Registers program is well and truly under way, with Australian Securities and Investments Commission (ASIC) Registry employees already sharing office space and coffee mug cupboards with ATO staff. The plan is to unify the Australian Business Register (ABR) and 31 separate business registers administered by ASIC onto a single platform. The rolling out

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Daily updates: 12-16 April

16 April Women and leadership development $5,000 scholarships applications openWomen & Leadership Australia is looking to encourage more women to step into leadership roles across the legal, finance and accounting sectors, and is therefore offering scholarships for three leadership development programs. Development scholarships of up to $5,000 per person are available. The present round of funding is available to women across

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The SME Recovery Loan Scheme is now open

Loans for small to medium enterprises (SMEs) are available from 1 April 2021 until 31 December 2021 under the Federal Government’s SME Recovery Loan Scheme. The scheme is designed to support the economic recovery, and to provide continued assistance, to firms that received JobKeeper and also to firms that are eligible flood-affected businesses. Treasury says

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Daily updates: 6-9 April

9 April Retention of refunds on outstanding notifications A final practice statement, expected to be issued later this month, will conclude the approach outlined in PS LA 2020/D2. This will outline the Commissioner’s discretion to retain refunds on outstanding notifications under taxation law. The final outcome will also be guided by responses taken during public

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Floods, other natural disasters, and help with tax

Now that the floodwaters are starting to subside, it is perhaps timely to be reminded that as well as the more obvious immediate devastation inflicted on people’s property, destructive events such as fires or floods can also mean loss of income for the many affected people. This can come about not only directly, but also

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Daily updates: 29 March – 1 April

1 April Full expensing and loss carry back hot tax time topicsThe Tax Practitioner Stewardship Group reports that it is receiving a lot of feedback from both taxpayers and tax practitioners that there is a keen desire to be prepared early if planning to make claims under the temporary full expensing and/or loss carry back

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