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Not every individual situation fits neatly with the tax laws as they stand — sometimes a taxable item’s known value (and therefore the tax that applies to it) may need to be determined where requirements may arise to obtain a tax valuation from the ATO.
The JobMaker Hiring Credit scheme was passed into law in mid-November 2020. JobMaker was part of the 2020-21 Federal Budget and will operate until 6 October 2021.
The ATO has devised special rounding conventions where an amount of GST includes a fraction of a cent.
Over the first quarter of this financial year, the government has initiated two new data-matching programs, using data that the ATO holds.
It has long been an accepted standard that the auditor of an SMSF needs to be independent of that fund and be a third-party entity to the SMSF.
Tax invoices are an essential element of Australia’s taxation system. And serve both to collect tax revenue related to the goods and services on which GST is levied as well as record the credits that are claimable by eligible businesses.
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