Cents per kilometre deduction for car expenses
2023 income year The ATO has proposed for individual taxpayers that use the cents per kilometre method when calculating tax deductions for their work-related car expenses, that the rate per Read More…
Penalties for overdue TPAR
The Taxable payments annual report (‘TPAR’) must be lodged by 28 August each year Taxpayers who operate in certain industries and that make payments to contractors may need to report Read More…
ATO business support
ATO support for businesses in difficult times The ATO has reminded taxpayers that it has a range of support available for small businesses experiencing difficult situations, such as natural disasters, Read More…
Varying PAYG instalments due to COVID-19
Pay as you go (‘PAYG’) instalments Taxpayers can vary their pay as you go (‘PAYG’) instalments throughout the year if they think they will pay too much, compared with their Read More…
Documenting gifts or loans from related overseas entities
Disguising undeclared foreign income as a gift or loan The ATO is currently reviewing certain arrangements where Australian taxpayers seek to disguise undeclared foreign income as a gift or loan. Read More…