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Tag: Tax

‘Penalties will resume’: ATO flips the switch on debt recovery

Taxpayers falling behind on tax debts and lodgement obligations can soon expect contact from the ATO as it confirms the resumption of its compliance activities in the wake of JobKeeper ending. With the JobKeeper program officially over, the Tax Office has now confirmed that it will resume pursuing and enforcing debt recovery action. The change…
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How do banks approve home loan applications?

When you apply for a home loan, you submit your financial information, personal details and the details of the property you intend to buy. The bank analyses all that information and checks your credit rating to decide whether to approve or reject your loan application. It’s helpful for you to know what the bank looks…
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‘Don’t cancel your Christmas holidays for STP Phase 2’

The ATO is expected to announce a deferral regime for the mandatory expansion of Single Touch Payroll, with the 1 January 2022 deadline not expected to be a “cold, hard cut-off”, says one industry body. Mandatory STP Phase 2 reporting is now set to commence from 1 January 2022, with employers soon required to report additional…
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What is the impact of child expenses on your mortgage payment?

Most parents in Australia underestimate how child expenses can impact their home ownership dreams, according to a new research from Credit Union Australia (CUA). In a recent survey of 1,000 parents, CUA found that 75% of respondents underestimated the cost of having a child and a quarter now recommended saving at least $8,000 to fund…
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Scott Morrison to consider new aged care tax

Prime Minister Scott Morrison will give thought to a potential new aged care levy through the tax system, following recommendations from the aged care royal commission. Released on Monday, the aged care royal commission final report contained 148 recommendations aimed at bringing about a “paradigm shift” within the sector. To achieve the vision of high-quality…
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‘What’s a worthy deduction?’: IPA doubles down on new tax break

A new tax deduction to encourage individuals to retrain and reskill is as worthy as any other current deduction, argues the Institute of Public Accountants. The IPA’s public support of a new education deduction comes as other accounting and tax bodies have shied away from the proposal, arguing that it would not benefit individuals who need support the…
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