Capitaleyes Latest Accounting News

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. 
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  A director identification number (director ID) is a unique identifier you will keep forever. It will help to prevent the use of false or fraudulent director identities.  
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The surge in the residential property market continues to attract buyers and sellers, many involving the family home. This article considers the common myths and misconceptions when it comes to being eligible for the main residence exemption.
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The government is finally delivering on its budget promise to remove the $450 per month superannuation guarantee threshold.
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One changes in this area.
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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. 
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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.
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The government’s long-slated “flexibility in superannuation” legislation is finally law.
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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.
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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.
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  Most new employees are eligible to choose the super fund you pay their super guarantee contributions to.  
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  The latest round of employment data shows the unemployment rate fell by 0.3 of a percentage point to 4.6 per cent through July. But the 12-year low might not signify labour market strength, experts say.  
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