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M&H Tax and Accounting
- Nov 10, 2022
- 2 min
WFH 67c fixed rate ‘opaque and too demanding’
The tax profession is queueing up to criticise the ATO’s revised work-from-home rules as too demanding for taxpayers to substantiate and...
M&H Tax and Accounting
- Oct 27, 2022
- 3 min
Budget: ATO expected to reap $5.6bn from crackdown
The ATO has emerged a winner from the budget with $1.5 billion in extra funding to extend three of its high-profile compliance schemes...
M&H Tax and Accounting
- Oct 26, 2022
- 1 min
Hefty penalties for director identification number (DIN) issues
A director ID is a unique identifier that a director will apply for once and keep forever – which will help prevent the use of false or...
M&H Tax and Accounting
- Jun 10, 2022
- 7 min
The tax leftovers Labor must digest
What happened on 21 May? After nearly nine years and three parliamentary terms, the Coalition was unable to hold sufficient seats to...
M&H Tax and Accounting
- Mar 9, 2022
- 2 min
Level 2 COVID-19 Business Assistance Package
A new COVID-19 Business Assistance Package has been announced for Western Australian businesses who have experienced a 50 per cent...
M&H Tax and Accounting
- Feb 16, 2022
- 2 min
$77 million Safe Transition Industry Support Package
Support for sectors that were significantly affected by delay to full border reopening Nine programs to support international education,...
M&H Tax and Accounting
- Feb 10, 2022
- 2 min
The ‘Backpacker Tax’ and the High Court
The High Court has ruled that the ‘backpacker tax’ is discriminatory. We look at the impact from the ‘Backpacker Tax’ and the High Court,...
M&H Tax and Accounting
- Feb 3, 2022
- 2 min
COVID-19 vaccination incentives and rewards for employees
Your employer may provide different kinds of COVID-19 vaccination incentives and rewards, which are treated differently for tax purposes....
M&H Tax and Accounting
- Jan 19, 2022
- 3 min
Small Business Assistance Grant – December 2021
Applications are now open for the Small Business Assistance Grant – December 2021 to assist small businesses that were directly...
M&H Tax and Accounting
- Jan 12, 2022
- 3 min
What personal protective equipment(PPE) can claim a deduction?
You can claim a deduction for the cost of protective items that protect you from the real and likely risk of illness or injury while...
M&H Tax and Accounting
- Dec 16, 2021
- 3 min
ATO provides further clarity on DIN process
In June last year, the government passed laws introducing the requirement for all directors of a company in Australia to have a director...
M&H Tax and Accounting
- Dec 3, 2021
- 3 min
How can you claim your work Christmas party or staff gifts as a tax deduction?
Exempt property benefits The costs (such as food and drink) associated with Christmas parties are exempt from FBT if they are provided on...
M&H Tax and Accounting
- Dec 2, 2021
- 2 min
4 financial trends to play out in 2020
The changes, as highlighted by Finder, come after Accountants Daily sister brand nestegg outlined a number of Australian policy and...
M&H Tax and Accounting
- Dec 2, 2021
- 2 min
Is the ‘Great Resignation’ already here?
It’s led financial services firm Findex to express that the “Great Resignation” is “no longer looming but very much here”. With Australia...
M&H Tax and Accounting
- Nov 26, 2021
- 2 min
Loss carry back tax offset
Eligibility for the tax offset You can claim the tax offset if you: 1. You are an eligible corporate entity if you are both a: - company,...
M&H Tax and Accounting
- Nov 3, 2021
- 2 min
ATO circles inactive ABNs in latest probe
The Tax Office’s review will seek to identify potentially inactive ABNs for cancellation. “Your client’s ABN may be selected if they have...
M&H Tax and Accounting
- Oct 28, 2021
- 2 min
Super guarantee - Your not-for-profit organisation must provide its eligible employees with:........
Your not-for-profit organisation must provide its eligible employees with: a minimum level of super contributions by the quarterly...
M&H Tax and Accounting
- Oct 22, 2021
- 2 min
FWO recovers $148m for underpaid workers
The total figure – $148,374,054 – represents 69,735 underpaid workers over the year in question. In rolling out the figures, Fair Work...
M&H Tax and Accounting
- Oct 21, 2021
- 2 min
What is E-invoicing??
E-invoicing Electronic invoicing (or e-invoicing) is the automated digital exchange of invoice information directly between a supplier's...
M&H Tax and Accounting
- Oct 15, 2021
- 3 min
Job losses rise to 280k through lockdowns
New employment data released by the Australian Bureau of Statistics (ABS) on Thursday (14 October) showed the unemployment rate rose 0.1...
M&H Tax and Accounting
- Oct 14, 2021
- 3 min
Mandatory Director Identification Numbers on the horizon
With the implementation of the Director Identification Numbers (DIN’s or Director ID’s) growing imminent, it will be important to...
M&H Tax and Accounting
- Oct 13, 2021
- 3 min
JobMaker was meant to support 450,000 jobs. The real figure is just 1 per cent of that
One of the key elements touted in the October 2020 federal budget, JobMaker promised $4 billion over two years in taxpayer funds to pay...
M&H Tax and Accounting
- Oct 6, 2021
- 2 min
What to exclude from your business's assessable income
Not all payments you receive are assessable income for income tax purposes. If a payment you receive is not assessable income, you do not...
M&H Tax and Accounting
- Oct 1, 2021
- 2 min
Cryptocurrency – investment or personal use asset
We treat cryptocurrency like shares and many other investments, so it is generally regarded as a capital gains tax (CGT) asset. A CGT...
M&H Tax and Accounting
- Sep 22, 2021
- 2 min
Super choice rules will change from 1 November
From 1 November 2021, if you have new employees start, you may have an extra step to take to comply with choice of fund rules if they...
M&H Tax and Accounting
- Sep 17, 2021
- 3 min
ATO fires warning shots on cryptocurrency cost base, record-keeping
Speaking at a cryptocurrency forum hosted by the Knowledge Shop on Tuesday, ATO assistant commissioner Adam O'Grady stressed the...
M&H Tax and Accounting
- Sep 10, 2021
- 3 min
Greens to push new 40% ‘Tycoon Tax’
The Greens on Monday announced its bid to introduce a new Tycoon Tax if the next election results in a hung Parliament, imposing an...
M&H Tax and Accounting
- Aug 12, 2021
- 2 min
Parliament passes bill on tax-free COVID-19 support payments
The Treasury Laws Amendment (COVID-19 Economic Response No. 2) Bill 2021 finally passed both houses without amendment on Monday after the...
M&H Tax and Accounting
- Aug 4, 2021
- 2 min
COVID-19 payments to individuals, businesses to be tax-free under law change
On Tuesday, the Treasury Laws Amendment (COVID-19 Economic Response No. 2) Bill 2021 was introduced into Parliament, confirming Prime...
M&H Tax and Accounting
- Aug 4, 2021
- 2 min
ATO cracks down on property investors as errors creep up
The ATO on Tuesday said that Australia’s 1.8 million rental property owners claimed a total of $38 billion in deductions for the 2019–20...
M&H Tax and Accounting
- Jul 23, 2021
- 3 min
No time for JobKeeper, says Prime Minister
Despite 13 million Australians — more than half of the country’s population — now in lockdown, Mr Morrison is standing firm on his...
M&H Tax and Accounting
- Jun 24, 2021
- 2 min
Minimum wage set to rise by 2.5%
The Fair Work Commission on Wednesday announced a 2.5 per cent increase to the minimum wage and related awards which will see Australia’s...
M&H Tax and Accounting
- Jun 4, 2021
- 3 min
Treasury forecasts wage cuts following superannuation increase
Treasury secretary Steven Kennedy told Senate estimates on Tuesday morning up to 80 per cent of future superannuation guarantee increases...
M&H Tax and Accounting
- May 28, 2021
- 2 min
UPDATED: Everything we know so far in the Federal Budget 2021
Growing the economy, getting Aussies back in jobs, and lowering the unemployment rate. These priorities are at the top of Treasurer Josh...
M&H Tax and Accounting
- May 21, 2021
- 3 min
Unemployment rate falls to 5.5% post-JobKeeper
The latest round of employment data showed the unemployment rate fell by 0.2 percentage points for April, as JobKeeper’s expiry proved to...
M&H Tax and Accounting
- Apr 14, 2021
- 2 min
ATO to ramp up audits to capture unpaid duty on alcohol
The ATO has now issued Taxpayer Alert TA 2021/1, in a warning to retailers such as bottle shops, bars and restaurants over the deliberate...
M&H Tax and Accounting
- Apr 7, 2021
- 3 min
‘Penalties will resume’: ATO flips the switch on debt recovery
With the JobKeeper program officially over, the Tax Office has now confirmed that it will resume pursuing and enforcing debt recovery...
M&H Tax and Accounting
- Mar 26, 2021
- 2 min
ATO loses JobKeeper test case in the Full Federal Court
The JobKeeper test case centred around sole trader Jeremy Apted and whether he met an eligibility requirement to hold an ABN on or before...
M&H Tax and Accounting
- Feb 19, 2021
- 2 min
Super for employees working overseas – certificate of coverage
If you send an Australian employee to work temporarily in another country, you must continue to pay superannuation contributions in...
M&H Tax and Accounting
- Nov 24, 2020
- 5 min
Victorian Budget spends billions to reinvigorate economy, including stamp duty discounts
The Victorian Government will offer stamp duty discounts and spend close to $50 billion on other concessions, subsidies and projects in a...
M&H Tax and Accounting
- Nov 5, 2020
- 2 min
Draft JobMaker hiring credit rules released
The Treasury is now seeking submissions on the exposure draft Coronavirus Economic Response Package (Payments and Benefits) Amendment...
M&H Tax and Accounting
- Oct 29, 2020
- 1 min
Business revenues bounce out of JobKeeper eligibility
A crucial criteria for receiving JobKeeper – business revenue – has bounced the most in six months, according to data collected from over...
M&H Tax and Accounting
- Oct 29, 2020
- 2 min
$120m in JobKeeper clawed back by ATO, new compliance areas highlighted
Fronting a Senate estimates hearing on Tuesday, ATO second commissioner Jeremy Hirschhorn said $200 million in payments had been stopped...
M&H Tax and Accounting
- Aug 6, 2020
- 4 min
Coronavirus stimulus measures like JobKeeper are keeping zombie businesses alive
At least 1,000 businesses are engaging in insolvent trading with virtual immunity from legal action, according to the peak body...
M&H Tax and Accounting
- Jul 28, 2020
- 4 min
ATO eyeing tax return claims for cars, travel, mobile phones, internet and rental deductions
Unsubstantiated or higher-than-expected tax deductions relating to cars, travel, clothing, mobile phone and internet use, and rental...
M&H Tax and Accounting
- Jul 28, 2020
- 1 min
Extending JobKeeper and JobSeeker is welcomed but uncertainty remains
A carrot-and-stick scenario When it comes to JobSeeker, there's not as much certainty. Those without a job will see their payments fall...
M&H Tax and Accounting
- Jul 28, 2020
- 4 min
Work from home tax deductions you can claim in 2020
We're halfway into 2020, which means it's time to start thinking about your tax return. And if you've been working from home, you might...
M&H Tax and Accounting
- Jun 10, 2020
- 2 min
Government won’t rule out early JobKeeper withdrawal
The childcare sector was the first to see the JobKeeper payment come to an end sooner than anticipated.
M&H Tax and Accounting
- Jun 4, 2020
- 2 min
Key dates about JobKeeper payment - Sole Traders
From 20 April: complete Step 1: Enrol for the JobKeeper payment. From 4 May: complete Step 2: Identify your eligible employees and...
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