ATO News Australian Government News

2023/24 Australian Federal Budget

Earlier this month, the 2023/24 Federal Budget was released. This includes a substantial improvement in the Federal Government’s fiscal position from the October Budget, primarily driven by significantly higher personal income tax and company tax receipts than originally estimated. This suggests that individuals and businesses have contributed more tax revenue than initially projected, which has positively impacted the […]

May 17, 2023
Accounting Tax Tax Return

Optimising tax deductions

Minimise your tax liability and Maximise your tax refund, by ensuring you are claiming what you are entitled to. There are various deductions available that can be claimed on your tax return, but it’s important to ensure that you are eligible to claim them and that you have the necessary documentation to support your claims. […]

April 7, 2023
Tax

Changes to Company Tax Rates

There are changes to company tax rates. While the full company tax rate is 30%, your company may be eligible for a lower company rate. If you are a ‘base rate entity’, your company tax rate is: 27.5% from the 2017–18 to 2019–20 income years 26% for the 2020–21 income year 25% from the 2021–22 […]

April 3, 2021
ATO News

The Australian Taxation Office announces temporary simplified short cut method for working from home deductions

Many workers new “normal” is working full time from home, as a result of the Social Distancing measures in response to Covid-19.  In order to make it easier for individual taxpayers to claim deductions for additional running expenses incurred (e.g., additional heating, cooling and lighting costs), the ATO have announced a temporary short cut method […]

April 8, 2020
ATO News

COVID-19 & Stimulus Package for Businesses

As government measures change daily amid the COVID-19 pandemic, a second stimulus package was released.  This update focuses on what this means for small business, as well as other questions small business owners may have.  It is current as at 23 March 2020. Sole Traders: As part of the second stimulus package, sole traders have […]

March 24, 2020