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Standardised deductions may sound good, but it’s not so simple

A recent proposal to allow taxpayers to claim a standard $3,000 deduction for work-related and other personal expenses may sound good in theory, but it is unlikely to drastically change the tax return preparation process or reduce tax compliance work, says Tax & Super Australia (TSA). Think tank the Blueprint Institute recently released a report

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ATO “lifeline” for businesses voluntarily paying back JobKeeper money

Tax & Super Australia (TSA) welcomes the ATO helping to clarify circumstances for when JobKeeper repayments voluntarily made by a company are tax deductible — an issue first raised by TSA earlier this year. However, it says confirming the tax treatment in legislation would go further to remove ambiguity on the matter. As reported in

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TSA calls for the ATO to simplify Personal Services Income rules

The ATO’s recent release of draft taxation ruling TR 2021/D2 has reinforced the difficulty that Australian small businesses have dealing with personal services income tax, says Tax & Super Australia (TSA). A major reason for this is because the ATO persists with its long-held view that the general anti- avoidance provision of the tax law

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Treasury urged to amend full expensing law to give SMEs more flexible depreciation

Tax & Super Australia (TSA) and fellow professional bodies have recommended that Treasury amend legislation to ensure small- to medium-sized enterprises (SMEs) have the same flexibility as their larger counterparts to opt out of full expensing measures regardless of the method they use to calculate depreciation. TSA first raised concerns in December 2020 that Treasury Laws

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ATO must clarify if JobKeeper repayments are tax deductible

Tax & Super Australia (TSA) commends companies that repay JobKeeper payments to the ATO if they determine the money is in excess of their needs, but urges the ATO to confirm if these repayments are tax deductible or not. JobKeeper amounts received by a company are assessable income and considered to be “ordinary income” by

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Lifeline: Extension of JobKeeper reporting deadlines a relief

Tax & Super Australia (TSA) has welcomed the ATO’s announcement that employers will be given until 28 January 2021 to complete their JobKeeper December reporting. The ATO has said employers must complete the December business monthly declaration between 4 January 2021 and 28 January 2021. This is an extension of two weeks past the usual due date

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TSA members note importance of superannuation guarantee to build savings

Tax & Super Australia (TSA) welcomes analysis of Australia’s retirement system to help ensure the system remains fit-for-purpose and supports Australians amid future economic, workforce and social changes. This past week, the Morrison Government released the final report from the independent Retirement Income Review. The review was recommended by the Productivity Commission and comes 27

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TSA hopeful that budget big spending will pay off despite uncertainty ahead

Tax & Super Australia (TSA) welcomes record spending in the Federal Government’s 2020 budget in a bid to drive a jobs recovery and help Australians move forward from the economic impacts of COVID-19. IndividualsTSA tax counsel John Jeffreys said extensions to the tax rate thresholds would give millions of taxpayers on lower incomes a much-needed

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