What you need to know about the new Director’s Identification Number regime
Company directors in Australia will now need to verify their identity by obtaining a unique identifier number from ATO from November 1, 2021.
ATO Crackdown on Cryptocurrency Transactions begins
Cryptocurrencies (not just Bitcoin) are to get a lot more attention this tax time after the ATO has expressed concern that Australian taxpayers may be under a misconception that cryptocurrency gains are tax free or only taxable when the holdings are cashed back into Australian dollars.
Single touch payroll reporting changes from July 1, 2021
Single touch payroll will apply to most businesses from 1 July 2021, this will include small businesses (those with 19 or fewer staff) and businesses with closely held employees (e.g., directors of family companies, salary and wages for family employees of businesses).
Superannuation Changes from July 1, 2021
On 1 July 2021, the Superannuation Guarantee (SG) rate will rise from 9.5% to 10% - the first rise since 2014. It will then steadily increase each year until it reaches 12% on 1 July 2025.
Work from home expenses under scrutiny & the perils of browsing Facebook
The ATO has indicated that it will be focusing on four typical types of expenses relating to working from home this year.