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Disaster assistance for Albury

Disaster Recovery Funding Arrangements for Albury flooding

Disaster assistance is now available in the Local Government Areas of Albury, Bland, Goulburn-Mulwaree, Greater Hume, Griffith, Hilltops, Narrandera and Temora following severe storms and flash flooding across the Riverina-Murray from 5 January 2022.

Assistance is being provided through the jointly-funded Commonwealth-State Disaster Recovery Funding Arrangements (DRFA).

Minister […]

ATO allowances on late lodgement and penalties

Lodgement due date for all tax returns denied

An extension was requested in light of the extra COVID-19-related issues many business owners have worked through, including setting up employees for JobKeeper and accessing the government’s stimulus package.

However the ATO Deputy Commissioner replied: “We recognise and appreciate your efforts to help your clients meet their […]

Support measures to assist those affected by COVID-19

Options available to assist businesses impacted by COVID-19

The Australian Taxation Office (ATO) will implement a series of administrative measures to assist Australians experiencing financial difficulty as a result of the COVID-19 outbreak.

Commissioner of Taxation Chris Jordan is encouraging businesses impacted by the coronavirus to get in touch with the ATO to discuss relief […]

Is penalty interest tax deductible?

The yes, no and maybe of penalty interest deductions

A new ruling has been released by the ATO on the deductibility or otherwise of penalty interest.

The term “penalty interest” refers to an amount payable by a borrower under a loan agreement in consideration for the lender agreeing to an early repayment of a loan. […]

Tax planning tactics for individuals

EOFY last-minute tax planning tactics for individuals

This financial year is almost over, but there are still tactics you may be able to employ to make sure you pay the right amount of tax for the 2018-19 year.

While the best strategies are adopted in July (that is, as early as possible in a financial […]