Client Alert – June 2021

We are pleased to supply you with the latest edition of Client Alert, which contains information on a number of important developments up to and including 26 May 2021.

  • Are you ready for Tax Time 2021? – COVID-19 has changed many people’s work situations, and the ATO expects their work-related expenses will reflect this during tax time in 2021.
  • ATO data-matching targets rental property owners – The ATO has announced it will run a new data-matching program to collect property management data, and will extend the existing rental bond data-matching program.
  • Can I be released from my tax debts? – If you have a tax debt that’s compounding your financial difficulties, there may be a solution: you may be able to apply to be permanently released from the debt, provided you meet certain criteria.
  • ATO’s discretion to retain refunds extends to income tax – As a part of a suite of government measures to combat phoenixing activities, the ATO now has the power to retain an income tax refund where a business or individual taxpayer has outstanding notifications.
  • 2021 FBT returns are due – If your business has provided fringe benefits to your employees, you should be aware that the 2021 FBT return is due, and payment of any associated FBT liability is required immediately.
  • Beware: phishing and investment scams on the rise – New scams are doing the rounds, including emails impersonating myGov, SMSF schemes aimed at stealing people’s super and fake articles touting cryptocurrency investment.

Client Alert – June 2021

Explanatory Memorandum – June 2021.doc

Please contact us if you wish to discuss how the points raised in Client Alert specifically affect you.