Capitaleyes Latest Accounting News

Off-the-books transactions and side hustles have a habit of showing up the ATO’s tracing technology, says Assistant Commissioner.
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Small businesses are again in the ATO’s sights this tax time, with a focus on stamping out deductions not related to business income, overclaiming of expenses, omission of business income and insufficient records to substantiate claims.
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In the 2019–20 Budget, the government announced that Single Touch Payroll (STP) would be expanded to include additional information.
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The government has revived two initiatives that give small businesses 120 per cent tax deductions for spending on training and digital uptake which were first announced in the March budget.
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Cyber crime and data breaches are rated higher as threats by executives in the Asia Pacific than by their global counterparts, with more than half saying security risks had risen over the past 12 months.
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A reminder regarding rules for allowing eligible people to claim tax deductions for the unused portion of their super concessional contributions caps from prior years.
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Many small businesses employ workers on a verbal agreement. But what happens if a dispute arises over the terms and conditions of someone’s employment – and there is nothing in writing?
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Commissions, investment earnings, gratuities and more must be included to be assessed, the office warns.
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The following links are to the latest state and federal government plans, schemes, programs, and initiatives to help businesses and individuals manage continued national hardships.
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The step should help promote transparency and fairness, says IPA. The ATO has begun disclosing tax debts of sole traders to credit reporting bureaus (CRBs) if they meet its criteria for referral.
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Tax benefits attract miscreants, but non-arm’s length rules should allow minor transgressions to be fixed, says CA ANZ.
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With interest-only loans no longer an option the commercial incentive for sub-trusts ends, says the Tax Institute.
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