Once again the ATO has extended – this time from 30 June 2021 to 30 June 2022 – the application of the “shortcut” rate set out in Practical Compliance Guideline PCG 2020/3 for claiming work-from-home running expenses. The latest extension means eligible taxpayers can claim additional running expenses incurred between 1 March 2020 and 30 June 2022 at the rate of $0.80 per work hour,…
A taxpayer has failed to satisfy the AAT that various bank deposits totalling almost $853,000 over a 3-year period were not assessable income. The taxpayer had interests in various businesses operated through 3 companies, including a café, a bar and restaurant, a boat importing business and a tyre franchise. An audit of the taxpayer disclosed unexplained…
The Federal Court has ordered Colonial First State Investments Limited (FirstState) to pay a civil penalty of $20 million for misleading members in relation to MySuper. FirstState’s conduct was the subject of a case study by the Banking Royal Commission. The Court previously declared CFSIL, as trustee for the Colonial First State FirstChoice Superannuation Trust,…