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
ATO News

Updated Guidance about Income Tax and GST

On 15 February 2021, the Australian Taxation Office (ATO) published updated guidance about the income tax and goods and services tax (GST) implications of a wide range of COVID-19 financial support measures provided by the commonwealth, state/territory, and local governments during the pandemic. The guidance is relevant to business taxpayers and to individual taxpayers. Taxpayers in receipt […]

March 3, 2021
ATO News

Clients Should Update Their ABN

By Steve Burnham Government agencies regularly access data contained in the ABN registration, and where this is not up-to-date the taxpayer may be missing out on stimulus measures, grants, and other government support. This became painfully evident during the 2019-20 bushfires, and is now re-surfacing during COVID-19 when it was found that a concerning amount […]

March 1, 2021
ATO News Tax

$7bn Worth of Income Tax Cuts Have Flowed to Millions of Aussies

Jade Gailberger and Finn McHugh A whopping $7bn worth of income tax cuts have flowed to millions of Aussie workers since July. New Australian Taxation Office data reveals $1.1bn of the cash injection came from the government bringing forward stage two of its tax cuts. A further $5.9bn in one-off payments of up to $1080 […]

February 20, 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 3 – Jobkeeper Payment

  The Morrison government announced yesterday the 3rd and largest stimulus package to date.  The package centred around the Jobkeeper payment, which is payment to eligible employers of $1,500 per fortnight.   How to claim: Register an intention to apply on the ATO website and assess that they have or will experience the required turnover decline. Provide information to […]

March 31, 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