Single Touch Payroll Phase 2 is a move towards a more complete digital record and reporting. Making it easier for everyone. The way employers manage Single Touch Payroll won’t change, it just means that additional information will need to be reported when processing payroll.
A common (and at times inaccurate) assumption made about claiming a work related vehicle deduction is that as long as your car use is work related, it can be claimed as a deduction in your tax return. The Australian Taxation Office (ATO) states that to be able to claim car expenses, you must be able to satisfy certain work-related usage conditions.
With lockdowns and restrictions well and truly in the rear-view mirror for most of the country, the Australian Taxation Office is also bringing back their ordinary compliance activity levels. One of the areas they will be paying close attention to is “asset wash sales”.
The Australian Taxation Office is expecting significant growth in the use of eInvoicing over the next 12 months. There are many benefits to enabling eInvoicing in your accounting software, like faster, simpler and more secure transactions.
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