All of the latest tax news, views and clues for May 2021.
This Alert addresses:
- The ATO’s new focus on identifying situations whereby employers may have used the JobKeeper scheme in ways that avoided paying employees their rightful entitlements;
- How the ATO is now using data to contact contractors to ensure that they have declared all of their income, including any from part-time work;
- Strategies for claiming deductions for unrecoverable debt, otherwise known as “bad debt”;
- The ATO’s new data-matching program that is designed to determine whether business entities and individuals are Australian residents for tax purposes, and whether they’ve met their lodgment and registration obligations;
- The NSW Government’s recent announcement to increase penalties for payroll avoidance; and
- ASIC deadline extension for financial report lodgements and AGMs.