Author Archives for wybenga_admin

Working from home during a COVID-19 lockdown: Can you claim a tax deduction for rent?

October 30, 2021 12:00 am Published by Comments Off on Working from home during a COVID-19 lockdown: Can you claim a tax deduction for rent?

The ATO has long held firm on the principle that rent payments (being a form of occupancy costs) are generally outgoings “of a private or domestic nature” and therefore not deductible, even where part of the rented home is used as a home office. However, it has been accepted that in some circumstances, a rent deduction may be claimed if a part of the home is used exclusively for income-producing activities and there is no alternative place of business provided by the taxpayer’s employer.


Recontributions of COVID-19 early released super

October 27, 2021 12:00 am Published by Comments Off on Recontributions of COVID-19 early released super

Under the COVID-19 early release measures, individuals could apply to have up to $10,000 of their super released during the 2019–2020 financial year and another $10,000 released between 1 July and 31 December 2020. 


ATO announces STP Phase 2 blanket deferral

October 24, 2021 12:00 am Published by Comments Off on ATO announces STP Phase 2 blanket deferral

Australian employers will now have two more months to transition to the second phase of Single Touch Payroll as the ATO announces a blanket deferral in light of the current business environment.


ATO extends COVID-19 relief for SMSFs

October 13, 2021 12:00 am Published by Comments Off on ATO extends COVID-19 relief for SMSFs

The ATO has made an extension to several COVID-19 compliance relief for SMSFs to cover the 2021-22 financial year.


Government expands SME loan scheme eligibility

September 30, 2021 12:00 am Published by Comments Off on Government expands SME loan scheme eligibility

 

Businesses that didn’t previously receive JobKeeper will now be eligible for loans of up to $5 million under the scheme, which will be made available through select lenders until 31 December.

 


Pitfalls and proposed changes in the use of R&D tax incentives

September 27, 2021 12:00 am Published by Comments Off on Pitfalls and proposed changes in the use of R&D tax incentives

Since its introduction, a number of taxpayers have fallen foul of the ATO in its administration of the research and development (R&D) tax incentive scheme under the Income Tax Assessment Act 1997 (Cth) (ITAA) for failing to have claimed an offset for an activity that strictly complies with the relevant tests.