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Daily updates: 15-19 March

19 March FBT rates and thresholds, 2021-22 From the 2020-21 FBT year onwards, tax determinations will only be published for Motor vehicle (other than a car) – cents per kilometre rate and Reasonable food and drink amounts for employees living away from home. All other rates and thresholds are available on this ATO page. Webcast

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ATO’s top 10 tips for rental property owners common tax mistakes

The ATO has issued a list of tips that should help rental property owners avoid what it has found are their 10 most common errors. It says that avoiding these common mistakes will save many taxpayers time and money. A downloadable PDF of this advice is available for you to distribute to clients (click here).

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Recovery road: What clients are telling us about the year ahead

Laura McGeoch Tax & Super Australia (TSA) conducts regular surveys of its membership base, taking a “litmus test” of members on issues that affect both their own working lives as practitioners and also the feedback they receive from their many and varied clients. TSA’s latest “Tax Temperature” survey has been published in Outlook — our

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New insolvency reforms could be a lifeline for some small businesses

The Australian Government has made changes to the ATO’s insolvency framework to help more small businesses restructure and survive the economic impact of COVID-19, especially after JobKeeper support winds up on 28 March. The insolvency system is facing a number of challenges: An increase in the number of businesses in financial distress because of COVID-19.

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Daily updates: 8-12 March

12 March Grants of $30 million to support local manufacturing The Federal Government has announced through its Advanced Manufacturing Growth Centre the establishment of a grants program called the Commercialisation Fund. Grants will target six priorities — medical products, food and beverage, resources technology and critical minerals processing, recycling and clean energy, defence, and space.

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When refinancing, loan interest can be deductible to a partnership

A general law partnership is formed when two or more people (and up to, but no more than, 20 people) go into business together. Partnerships are generally set up so that all partners are equally responsible for the management of the business, but each also has liability for the debts that business may incur. A

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Daily updates: 1-5 March

5 March Phase 2 of Single Touch PayrollThe ATO states that the mandatory start date for STP Phase 2 reporting will be 1 January 2022. It has listed the key changes in the following categories: Employment conditions, Income type and country code, Disaggregation of gross, Salary sacrifice, Lump sums, Reporting previous business management software IDs and payroll

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Recommencing paper PAYG instalment notices brought forward to March

The following statement has been issued by the ATO: “We recently advised that we will recommence issuing paper PAYG and GST quarterly instalment notices, starting with the June 2021 quarterly notices. This was an interim solution in response to feedback from the profession about the issues that have arisen as a result of no longer

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New Director Identification Number regime could be just around the corner

The Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020 achieved royal assent on 22 June 2020, however the act is to commence by proclamation (required to be done within 24 months of assent). This means that the Director Identification Number (DIN) regime is due on our corporate doorsteps very soon. The DIN regime

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