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May 2021 Tax Newsletter

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Here is our latest edition of our monthly tax newsletter.  In it we discuss:

  • Independent resolution      process for small businesses now permanent – Small businesses now have another pathway to resolve      tax disputes, with the ATO making its independent review service a      permanent option for eligible small businesses after a successful      multi-year pilot.
  • ATO focus in relation to      JobKeeper – The ATO has recently      announced it’s keeping an eye out for areas of concern in relation to      JobKeeper, including what may constitute “fraudulent behaviour”.
  • ATO targets contractors      who under-report income     – More than 158,000 businesses have now reported all their payments made      to contractors in the past year, and the ATO is using sophisticated      analytics to make sure the amounts have been properly declared by both      payers and recipients.
  • Can your business claim a      tax deduction for bad debts?     – With many government COVID-19 economic supports ending, some businesses      will find themselves owed debts that cannot be recovered. A tax deduction      may be available for these bad debts, depending on the accounting method      used.
  • ATO data-matching:      residency for tax purposes     – The ATO’s new data-matching program will use travel information from the      Department of Home Affairs to determine whether business entities and      individuals are Australian residents for tax purposes, and whether they’ve      met their lodgment and registration obligations.
  • NSW announces tougher      penalties for payroll tax avoidance     – The NSW Government will introduce new legislation to increase penalties      for payroll tax avoidance, as well as providing it with the ability to      name taxpayers who have underpaid payroll tax on wages.
  • ASIC extends deadlines for      financial reports and AGMs     – The deadline to lodge financial reports for listed and unlisted entities      will be extended by one month for entities with certain balance dates, and      ASIC will extend its “no-action” period for public companies to hold their      annual general meetings.

For more information on any of these topics, please click on the link below:

If you need urther finformation on any of these topics, please call us on 02 9580 3353

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