Capitaleyes Latest Accounting News

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.
Read More

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.
Read More

  Most new employees are eligible to choose the super fund you pay their super guarantee contributions to.  
Read More

  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.  
Read More

Since its introduction, a number of taxpayers have fallen foul of the ATO in its administration of the research and development (R&D) tax incentive scheme under the Income Tax Assessment Act 1997 (Cth) (ITAA) for failing to have claimed an offset for an activity that strictly complies with the relevant tests.  
Read More

  Businesses that didn’t previously receive JobKeeper will now be eligible for loans of up to $5 million under the scheme, which will be made available through select lenders until 31 December.  
Read More

Adding a slice of interesting trivia is a great way to offer something or those clients who don't want to read, and September is no exception.  What we add is great for trivia competitions, especially if you get to draft the questions.            
Read More

  A surge in first-time investors trading shares and exchange-traded funds (ETF) has prompted the ATO to issue a warning on share tax treatment and the behaviour that raises red flags.  
Read More

  Prime Minister Scott Morrison has declared that COVID-19 disaster payments will now be tax-free, a policy change that will have ramifications for accountants and their clients, say tax experts.  
Read More

  A combination of information from the 13-7-21 and the 26-7-21.  
Read More

  The recent ruling on non-arm’s length income (NALI) in super funds by the ATO will have far-reaching consequences for the superannuation sector, according to industry experts.  
Read More

  If your business is experiencing financial difficulties due to the latest lockdowns, the Australian Taxation Office (ATO) may be able to help by processing your tax return faster and expediting the release of any refund to you.  
Read More