We are pleased to supply you with the latest edition of Client Alert, which contains information on a number of important taxation developments up to and including 26 May 2021:
- Are you ready for Tax Time 2021 – COVID-19 has changed many people’s work situations, and the ATO expects their work-related expenses will reflect this during tax time in 2021.
- ATO data-matching targets rental property owners – The ATO has announced it will run a new data-matching program to collect property management data, and will extend the existing rental bond data-matching program.
- Can I be released from my tax debts? – If you have a tax debt that’s compounding your financial difficulties, there may be a solution: you may be able to apply to be permanently released from the debt, provided you meet certain criteria.
- ATO’s discretion to retain refunds extends to income tax – As a part of a suite of government measures to combat phoenixing activities, the ATO now has the power to retain an income tax refund where a business or individual taxpayer has outstanding notifications.
- 2021 FBT returns are due – If your business has provided fringe benefits to your employees, you should be aware that the 2021 FBT return is due, and payment of any associated FBT liability is required immediately.
- Beware: phishing and investment scams on the rise – New scams are doing the rounds, including emails impersonating myGov, SMSF schemes aimed at stealing people’s super and fake articles touting cryptocurrency investment.
Please do not hesitate to reach out if you wish to discuss any of the points raised in this Alert.