If your business is experiencing financial difficulties from the many lockdowns, the Australian Taxation Office (ATO) may be able to help by processing the tax return faster, if you are due a refund. 

While there is a very rapid escalation with watching and monitoring the economies of Asia, especially China, it is always interesting to look back over

This is pretty technical but might require us all to look at a future with rising interest rates, and it could happen sooner than expected.

The ATO has long held firm on the principle that rent payments (being a form of occupancy costs) are generally outgoings “of a private or domestic nature” and therefore not deductible, even where part of the rented home is used as a home office. However, it has been accepted that in some circumstances, a rent deduction may be claimed if a part of the home is used exclusively for income-producing activities and there is no alternative place of business provided by the taxpayer’s employer.

Under the COVID-19 early release measures, individuals could apply to have up to $10,000 of their super released during the 2019–2020 financial year and another $10,000 released between 1 July and 31 December 2020. 

Australian employers will now have two more months to transition to the second phase of Single Touch Payroll as the ATO announces a blanket deferral in light of the current business environment.

The government’s long-slated “flexibility in superannuation” legislation is finally law.

The revenue thresholds defining small, medium and large charities are set to be raised, saving over 5,000 charities the need to produce reviewed or audited financial statements.

The ATO has made an extension to several COVID-19 compliance relief for SMSFs to cover the 2021-22 financial year.

  With all the news and focus now on getting to high vaccination rates before Australia can re-start its economy, how are other countries doing?