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NSW government waives payroll tax for small business, as part of its $2.3 billion stimulus package

New South Wales, currently the Australian state worst affected by the COVID-19 outbreak, has announced a state government stimulus package encompassing health and economic measures worth $2.3 billion. Some $700 million will be spent on boosting the capacity of intensive care units throughout the state, while $1.6 billion is being pledged to help keep people…

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Support measures to assist those affected by COVID-19

The Australian Taxation Office (ATO) will implement a series of administrative measures to assist Australians experiencing financial difficulty as a result of the COVID-19 outbreak. Commissioner of Taxation Chris Jordan is encouraging businesses impacted by the coronavirus to get in touch with the ATO to discuss relief options. “We know that many businesses and communities…

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Prime minister announces economic stimulus package

The Morrison Government has announced a $17.6 billion economic plan to keep Australians in jobs, keep businesses in business and support households and the Australian economy as the world deals with the significant challenges posed by the spread of the coronavirus. Our targeted stimulus package is focused on keeping Australians in jobs and helping small…

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Are you ready for myGovID and RAM?

AUSkey will be retired at the end of March 2020 and will be replaced by myGovID and Relationship Authorisation Manager (RAM). Together these services will provide you with a secure, simple and flexible access to government online services including the ATO Business Portal. To make the move to myGovID faster and easier, you should check that all your Australian…

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Tax exemption for government payments and allowances

People affected by bushfires declared as disasters can apply for various payments, including: disaster recovery payment – one off tax-exempt payment disaster recovery allowance – tax-exempt short-term income support for New South Wales volunteer firefighters – tax-exempt payments of up to $300 per day, and up to a total of $6000 per person for self-employed individuals or…

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ATO’s new cryptocurrency data-matching program

The Australian Taxation Office (ATO) is collecting bulk records from Australian cryptocurrency designated service providers (DSPs) as part of a data matching program to ensure people trading in cryptocurrency are paying the right amount of tax. There has been significant growth in participation of crypto-assets in recent years. It is estimated that there are between 500,000 to one…

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ATO treatment of foreign resident CGT exemption changes

The ATO has released details of its administrative treatment of proposed changes to deny foreign residents access to the CGT main residence exemption. Under amendments in Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019, the exemption for the disposal of a main residence will be denied except where certain life events (terminal medical…

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ATO urges taxpayers to report foreign income this tax time

The ATO has warned taxpayers that it holds data on more than $100 billion held in offshore accounts and uses sophisticated analyses to identify the taxpayers with unreported foreign income. It is urging taxpayers to report any foreign income whether from investments, family members or overseas employment, no matter how small, and even if tax has been…

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FBT issues on ATO’s radar

The ATO has updated its list of what attracts its attention to include six items specifically related to FBT. These include: failing to report car fringe benefits, incorrectly applying exemptions for vehicles or incorrectly claiming reductions for these benefits mismatches between the amount reported as an employee contribution on an FBT return compared to the…

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ATO data matching — motor vehicles

The ATO will acquire information for the 2016-17, 2017-18 and 2018-19 financial years on vehicles that have been transferred or newly registered where the purchase price or market value is equal to or greater than $10,000. Data will be acquired from the eight state and territory motor vehicle registry authorities. It is estimated that records…

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