Latest ATO benchmarks released The ATO has released the latest benchmarks for small business based on the data from 2014 income tax returns and business activity statements, covering over 1.3 million small businesses. Assistant Commissioner Matthew Bambrick said that, if [...]
Overtime Meal Allowance Amounts The reasonable amount for overtime meal allowance expenses for 2016/17, where an allowance is paid under an award, order, determination, industrial agreement or a Commonwealth, State or Territory law, is $29.40 per meal.
Cents per km deduction rate for motor vehicle expenses The ATO has determined that the rate at which work-related motor vehicle expense deductions may be calculated using the cents per kilometre method is 66 cents per kilometre for the income [...]
Tax time is prime time for scams The ATO is reminding Australians to be on the lookout for tax-related scams during tax time, as scammers are particularly active because of the large number of people lodging their tax returns. Assistant [...]
ATO announces two important data matching protocols The ATO has just announced that it is starting a new "asset" data matching protocol, and extending another CGT and rental protocol that has been running successfully for the last ten years. Data [...]
Consultation on 'protecting superannuation entitlements' Following the recommendations of the Superannuation Guarantee Cross‑Agency Working Group, the Government has released draft legislation "to protect workers’ superannuation entitlements and modernise the enforcement of the superannuation guarantee". The draft laws extend Single Touch [...]
