Category Archives: Australian Tax

Open Application for COVID-19 Div 7A loan repayment extension

Later in June 2020, the ATO issued an announcement entitled “Request to extend time to make minimum yearly repayments for COVID-19 affected borrowers under section 109RD“. It says, in part: “As a result of the COVID-19 situation, we understand that some borrowers are facing circumstances beyond their control. To offer more support, we’ll allow an extension of the repayment period for those borrowers who are unable to make their MYR” (minimum yearly repayment) “by the end of the lender’s 2019-20 income year (generally 30 June).”

Tax time 2020: Work-related hotspots for 2020

https://www.ato.gov.au/Tax-professionals/Prepare-and-lodge/Tax-Time-2020/?=redirected_TaxTime

The ATO has also announced work-related expenses deductions that it will be paying close attention to this year, in light of COVID-19.

Extending the instant asset write-off

The bill also includes the extension of the $150,000 instant asset write-off threshold for a further six months until 31 December 2020, as announced by the government last week.

Request to extend time to make minimum yearly repayments for COVID-19 affected borrowers under section 109RD

ATO issued an update to its website entitled “Request to extend time to make minimum yearly repayments for COVID-19 affected borrowers under section 109RD”.

ATO sets sights on 200,000 taxpayers with short-term rentals

According to the tax office, an “extensive data-matching program” will be used to identify taxpayers receiving income from short-term rentals, with information from online platform sharing sites for around 190,000 Australians to be examined to identify taxpayers who have left out rental income and over-claimed deductions.

Common return mistakes flagged for popular occupations

The ATO has been on its biggest ever education campaign this tax time, including direct contact with over 3 million selected taxpayers, as well as specialised guides and toolkits for taxpayers, agents, employers and industry bodies.