Taxpayers are reminded not to make the mistake of ‘double dipping’ on deductions (that is, claiming expenses twice) in their tax return this year. Some of theses ‘double dipping’ mistakes include: Working from home expenses A common mistake involves using the ‘shortcut method’ to claim working from home expenses and then claiming additional amounts for …
The ATO has reminded taxpayers that it has a range of support available for small businesses experiencing difficult situations, such as natural disasters, mental health challenges or financial hardship. Depending on the business taxpayer’s circumstances, the ATO may be able to: Give the business extra time to pay its tax; Set up a payment plan …
With Christmas and New Year just around the corner, we would like to take the time to thank you for your continued support. Our office will be closed from the 17th of December and reopen on Monday the 10th of January 2022. From all of us at Omega, we wish you and your family a …
Scamwatch is warning that scams cost Australian consumers, businesses and the economy hundreds of millions of dollars each year and cause serious emotional harm to victims and their families. Cryptocurrency scams are the most ‘popular’ type of investment scams, representing over 50% of losses. Often the initial investment amount is low (between $250 and $500), …
As the Christmas / Year-End party season nears, a reminder about Fringe Benefit Tax (FBT) liability, noting the heightened risks this time of year traditionally brings. “After the year that’s been, some bosses may wish to treat their employees to a bigger than usual Christmas party or gift as a way of saying thank you. …
Christmas / Year-End Parties / Gift FBT Liability Read More »
APPLYING FOR A DIRECTOR IDENTIFICATION NUMBER Recent legislation has introduced new obligations for company directors requiring them to obtain a personal director identification number (‘Director ID’). Below, we highlight your new obligations and provide the appropriate information to ensure your ongoing director compliance. This is particularly important as failure to comply with these new Director …
With the growth of micro-investment platforms helping new investors enter the market, the ATO has issued a reminder for first-time share and Exchange Traded Funds (‘ETF’) investors. The ATO is concerned that first-time investors often do not understand their tax obligations in relation to reporting capital gains from the sale of shares and income in …
Reminder for first-time share investors to declare income Read More »
Treasury has released draft legislation introducing the long-awaited third party reporting regime (proposed to apply from 1 July 2022). The new regime will initially require ride-sharing and short term accommodation online platform operators to report transactions they facilitate directly to the ATO. This measure was first announced in the 2020 MYEFO (following a recommendation from …
The ‘gigs up’ with a new sharing economy reporting regime Read More »
To support household income and create more jobs, the Government will deliver an additional $7.8 billion in tax cuts by retaining the low and middle-income tax offset (LMITO) in 2021-22. This is on top of the $25.1 billion in tax cuts announced in previous Budgets that is expected to flow to households in 2021-22. Around …
The ATO has confirmed that, from 1 July 2021, the superannuation concessional and non-concessional contribution caps will be indexed. The new caps for the 2021/22 year will be: Concessional Cap: $27,500 Non-Concessional cap: $110,000 (or $330,000 over 3 years) The total superannuation balance limit that determines if an individual has a non-concessional contributions cap of …
Super contributions caps will increase from 1 July 2021 Read More »
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