The ATO has recently issued an alert on gifts or loans from overseas.
Most people would think that money provided by the Government to support people and business during a crisis would be tax free? Otherwise, it’s like giving money with one hand and then taking it away with the other, isn’t it?
The support available to individuals and business has been constantly evolving and changing. Here’s a summary of where support stands around the country.
If you operate a building, cleaning, courier, road freight, IT or security business, you may need to submit a taxable payments annual report to the ATO. Talk to us about whether you need to complete a TPAR, and we’ll get it ready by 28 August.
Do you use income splitting to reduce tax? The ATO is changing rules around income splitting and is checking taxpayers who may have high-risk agreements. Book a time with us to review existing arrangements prior to new rules starting in July 2021.