A lighter look at the complexity of Australian taxation laws and the year that has been.
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Tax
Fringe benefits tax (FBT) is one of Australia’s most disliked taxes because it’s cumbersome and generates a lot of paperwork. The COVID-19 lockdowns have added another layer of complexity as many work patterns and behaviours changed.
The Victorian State Government’s 2020 Budget has delivered an unprecedented infrastructure investment to drive the State’s recovery, with its centerpiece an ambitious jobs plan aimed at creating 400,000 jobs by 2025, half of them by 2022.
The JobKeeper subsidy has progressed beyond the rush for eligibility and entered its second phase: compliance. Late last month, the Australian Taxation Office (ATO) released guidance highlighting where the regulator will focus its compliance resources.
Last week the ATO announced a temporary simplified ‘short cut’ method aimed to make it easier for individual taxpayers to claim tax deductions for additional expenses incurred as a result of working from home due to the current pandemic – Covid-19 or Coronavirus.
The ATO has requested insurance policy information from 30 insurers for lifestyle assets such as yachts, thoroughbred horses, and fine arts.