Tax mix to rely more heavily on income tax as the Treasurer ducks austerity

 

The Australian economy is predicted to grow “slower than previously thought” over the next 40 years, as the nation grapples with a tax mix that relies heavily on income tax despite an ageing population.

 

Tax implications – more than one job

 

If you are working two or more jobs casually or have overlapping contract work, you need to be careful to avoid an unexpected end of financial year tax debt.

 

ATO extends Division 7A COVID-19 relief

 

The Tax Office has extended relief for taxpayers who are unable to meet the minimum yearly repayments on Division 7A loans due to COVID-19.

 

Super transfer balance cap increase from 1 July 2021

 

This year will be the first indexation increase of the $1.6 million pension limit.

 

ATO extends STP finalisation due date

 

Employers have been given additional time to complete their Single Touch Payroll finalisation declaration this year as the ATO recognises the ongoing impacts of COVID-19.

 

Home Office & end of 2021 tax year

 

In a Covid-ravaged financial year, small business owners need consider what actions now can benefit in saving income tax. Taxpayers with the best records often have the best deductions.

 

Year-end tax planning

 

Tax time is here again and pressure is mounting.

 

Tax Time Checklists – Individuals; Company; Trust; Partnership; and Super Funds

 

Working from home because of COVID-19 means most will have more deductions than in a normal year.  These checklists will help your tax agent ensure you don't miss any deductions.  Simply print, complete and return.