Tag: ATO

The Federal Government has this week announced a massive $130 billion extension to their Covid-19 stimulus packages. This announcement offers hope to both businesses and employees but at this stage there are only limited details available about it. Below are some links with implications for businesses, links to the Government websites and fact sheets on this, some FAQs of common questions that we are being asked and finally a link…  Read more

In response to the anticipated economic downturn resulting from the Coronavirus pandemic, the government has announced a number of economic stimulus measures for the 2019/20 and 2020/21 income years. Most of these are targeted to help small to medium sized businesses. The announced measures at this stage are: Instant asset write-off For businesses with under $500m in turnover, they will be able to claim an instant asset write-off of asset…  Read more

From the first of April 2020 the new myGovID will replace AUSkey and businesses will be required to use this myGovID to interact with the ATO. The first thing to note is that myGovID is not connected with the existing myGov system. The use of a similar name is confusing but the new system is an improvement on the clunky and outdated AUSkey. Security The two-step authentication used by myGovID…  Read more

The black economy refers to both dishonest and criminal activities that take place outside of, or involve misuse or abuse of, the tax and regulatory systems. Examples of black economy activities include: not declaring all income over-reporting deductions demanding (or paying for) work cash in hand to avoid obligations other illegal activities, such as illicit tobacco, sham contracting and ABN fraud. According to the ATO Assistant Commissioner Peter Holt, “The…  Read more