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Upcoming changes for pension and income support recipients
- 3 February 2024
- Posted by: GJ North
- Category: Government
No CommentsAs a part of the government’s strategy to get more people back into work to solve skills shortages being experienced by many industries, a permanent enhancement to the pensioner work bonus has been announced, along with a doubling of the employment income nil rate period to reduce barriers for income support recipients to take up work.
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Subscriptions included in digital adoption boost: ATO clarification
- 2 October 2023
- Posted by: GJ North
- Categories: Business, Government
The ATO has advised that new and ongoing subscription costs can also qualify as eligible expenditure for the purposes of the digital adoption boost. This was not specified in the ATO’s original release on the measure.
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Simplifying individual tax residency: government consultation
- 2 October 2023
- Posted by: GJ North
- Category: Government
Movement may be afoot on the complex issue of individual tax residency in Australia. In 2019, the Board of Taxation released a report which contained a proposed model for modernising individual residency. The new framework was designed to simplify the tax system and reduce compliance costs for individuals and employers.
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Stay alert for tax time scams
- 19 July 2023
- Posted by: GJ North
- Category: Government
The Federal Government has warned of scammers targeting Australians ahead of tax time 2023. The number of scam reports received to date this year has topped 19,843 and impersonation scams are becoming increasingly commonplace. These scams typically consist of unsolicited contact
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Employers to pay super at same time as wages
- 1 June 2023
- Posted by: GJ North
- Categories: Government, Superannuation
The government has announced that from 1 July 2026, employers will be required to pay their employees’ super at the same time as their salary and wages (ie payday super). The three-year lead time is to give businesses, super funds, payroll providers and other parts of the superannuation system sufficient time to prepare for the change.
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Victoria to phase out duty on commercial and industrial property
- 1 June 2023
- Posted by: GJ North
- Category: Government
The Victorian Government has announced that transfer duty (formerly “stamp duty”) will be phased out for commercial and industrial properties from 1 July 2024. Instead, an annual 1% tax on the unimproved value of such property (the annual property tax) will be introduced. This was announced as part of the State Budget handed down on 23 May 2023.
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Single Touch Payroll Phase 2: avoid common mistakes
- 1 June 2023
- Posted by: GJ North
- Category: Government
Single Touch Payroll (STP) was introduced as a way for employers to send super and tax information directly to the ATO through the use of STP-enabled software solutions. STP Phase 2 is now in full swing, having commenced on 1 January 2022.
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ATO ride-sourcing data-matching program extended
- 1 June 2023
- Posted by: GJ North
- Category: Government
Continuing its theme of closing the tax gap of individuals for budget repair, the ATO has notified the public of the extension of an existing data-matching program on ride-sourcing.
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ATO target areas for tax time 2023
- 1 June 2023
- Posted by: GJ North
- Category: Government
Tax time 2023 is fast approaching and as with previous years, the ATO has provided some insights to the areas it will be focusing on consisting of rental property deductions, work-related expenses, and capital gains tax.
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Federal Budget update
- 1 June 2023
- Posted by: GJ North
- Category: Government
With no announced changes in the Federal Budget to personal tax rates and offsets for the 2023–2024 income year and beyond, now is the time to do some tax planning for the current and future years.