Inside this edition, we cover some important updates on:
- Tax Debt Payment Plans for Sole Traders & Small Businesses
- National Minimum Wage Increase now in effect
- COVID-19 WFH Implications on Tax Returns
- Over $2B Lost to Scams in 2021
- Superannuation Guarantee Changes
Tax Debt Payment Plans
Small Businesses and Sole Traders who are having trouble paying their tax can set up payment plans with the ATO. This can be every week, fortnight, or month until the balance is cleared.
Those who owe $100,000 or less can set up a payment plan via:
- myGov for Sole Traders
- Online Services for other businesses
Alternatively, you can chat with our team about setting up a payment plan on your behalf using Online Services.
If you owe over $100,000 or can’t afford a payment plan offered online, feel free to arrange an appointment with us to discuss your options.
Claiming WFH Deductions due to COVID-19
With many workers returning to the office this year on a part-time basis, and COVID-19 still in the community, there may be a few more steps to take care of on your upcoming tax return.
Those who work both from the office and home will have to calculate their work-from-home expenses on a day-by-day basis.
If you’ve had to purchase a COVID-19 test for work-related purposes, or items that would allow you to work safely amid the presence of COVID-19, such as gloves, face masks, or sanitiser, you may be able to claim these as deductions. You will need to prove you have not been reimbursed by your employer.
For help this tax time, be sure to speak with our team.
$2 Billion Lost to Scammers in 2021
2021 saw a record number of Australians becoming victims to scams, despite government, law enforcement, and the private sector disrupting more scam activity than ever before.
Reported losses to all organisations totalled almost $1.8 billion, but as one-third of victims do not report scams, the ACCC estimates actual losses were well over $2 billion.
Investment scams were the highest loss category of $701 million in 2021, followed by payment redirection scams of $227 million, and romance scams totalling $142 million.
People who detect a scam, whether or not they have lost money to it, can report scams and learn more about how to get help on the ScamWatch website.