Capitaleyes Latest Accounting News

A tax specialist has outlined three of the major GST areas on the ATO’s radar based on recent discussions.
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Some employers, who are commendably anxious to protect their employees and clients from the drink/driving laws, often pay for taxis/rideshare to and from the place of entertainment.  
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Ensure the business you buy is a worthwhile investment
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The Christmas break-up party and/or gifts to employees can be exempt from Fringe Benefits if a few rules are followed.
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The Tax Office hopes shedding light on its enforcement priorities will improve taxpayer compliance.  
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Australian cryptocurrency owners need to be aware of their profits and whether they incur tax, experts have warned.
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The ATO is currently focusing on ensuring that taxpayers are aware of their obligations regarding treatment of withholding amounts and amount paid to foreign residents.
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A levy on short-stay accommodation bookings will apply from next year after being passed by the Victorian parliament.
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The ATO has recently confirmed some key focus areas of business debt collection – including debts relating to superannuation guarantee (SG), pay as you go (PAYG) withholding and GST.
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Cyber security is everyone’s business. With cyber threats becoming more frequent and complex now is the time to make sure your business is secure.
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The Tax Office has revealed that 250,000 tip-offs have been received about tax avoidance and dishonest behaviours since July 2019.
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If you’re an Australian resident for tax purposes, you don’t have to pay income tax on the first $18,200 you earn each year, from any source. This is called the “tax-free threshold”.
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