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Activity statements digitally delivered can cause problems

Tax & Super Australia (TSA) members have identified a significant problem caused by a recent decision of the ATO to change paper-based activity statements to digital delivery from the month of November 2020.  This change in technology is causing problems for tax agents and their clients. TSA’s Tax Counsel John Jeffreys says the ATO is

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Vehicle benefits under COVID-19 may have changed business FBT obligations

The special circumstances that coronavirus has thrown our way looks like having some very practical outcomes on certain areas of fringe benefits tax. One of the most prevalent and well-established category of fringe benefits centres on the provision and use of vehicles. The parking of a car, for instance, is a benefit that comes with

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Online tools and calculators you can bookmark

Current for 2020-21, tax practitioners may find the following tools and calculators to be a useful resource to keep bookmarked (or bookmark this page, since they’re all grouped together here). Australian zone list This list can be used to find out whether an Australian place is located in a zone for the purposes of the

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Daily Updates: 1-5 February

5 February NEWSSTP phase 2 commencement to be delayedA legislative instrument will issue soon around the implementation of single touch payroll (STP) phase 2. The major change from previous announcements is the start date will now be 1 January 2022 (previously 1 July 2021 — see “Expanding data collected” on this page [scroll down]). This

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5 minute tax updates: 1-5 February

Reporting relief proposed for externally administered companiesTreasury releases tax benchmarks statementObjection time limits published, which vary with the assessment or decision objected toAutomatic refunds of franking credits not everyone’s cup of teaUser testing of a new ATO app to begin this monthPractical compliance guideline for smaller fuel tax credit claimsAddendum issued on meaning of an

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5 minute tax updates: 25-29 January

TBC to rise to $1.7 million from 1 July, and to be indexedCar rego details to be data matched for tax integrityCGT and hybrid security valuation on buy-backSuper guarantee determination updatedMore consultation by BOT on CGT rolloversTemporary full expensing alternative test becomes lawAPRA opens second consultation on insurance standardATO’s monthly performance scorecard records a few

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A hand up for your small business clients on cash flow

The ATO’s Cash Flow Coaching Kit is a free resource that it has provided for tax professionals and business advisers. It is designed as a value-add advisory service to use with small business clients, but does not replace any existing accounting or financial tools, although it can be used to complement software accounting packages. With

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Daily Updates: 25-29 January

29 January NEWSATO ceases activity statement emails to agents The ATO is reminding practitioners that it no longer issues activity statemen t emails to registered agents, but says you can check when activity statements are due with on-demand reports available through the practitioner lodgment service and Online services for agents. All you need to know

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The tourist refund scheme

The sun, the surf, the shopping! Australia has enough temptations on offer to keep the credit card running hot. But there’s no need to stress, because there is a little known scheme that might help take the bite out of the credit card bill. The tourist refund scheme The Tourist Refund Scheme (TRS) lets you

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A yuletide FBT liability? Ho ho No

Apart from giving businesses a chance to thank their employees for a job well done over a difficult year, end of year Christmas celebrations are also of course a chance to get everyone together for some fun and socialising. But while you should feel free to pop a champagne cork or three for employees, make

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