As Christmas is fast approaching, we must consider the possible tax implications of spreading Christmas cheer. When it comes to celebrations and generosity, the ATO isn’t nearly as merry as the man with the beard in the red suit!

One of the most common taxes that may apply is Fringe Benefits Tax.

If you’ve been following the news in the past few weeks, you’ll know that Medibank suffered a data breach that could well eclipse that of Optus before it in impact.

Here’s what you need to know, and more importantly, act on:

On Tuesday night, Treasurer Jim Chalmers delivered the first Federal Budget from the new Labor Government. We are pleased to provide a summary of some of the key announcements.

In light of a recent cybersecurity breach, Medibank Private have updated their public disclosure regarding their recent cybersecurity breach, which can be viewed directly here.

They are now advising that a criminal has contacted them and provided 100 records as proof of stolen information, which appears to be legitimate and made up of first names and surnames, addresses, dates of birth, Medicare numbers, policy numbers, phone numbers and some claims data. The criminal is claiming that they also have credit card information, diagnosis and procedure information and more.

In the 2019-20 Budget, the government announced that Single Touch Payroll (STP) would be expanded to include additional information.

A further advisory on the Optus Cyber Breach and initial recommendations.

Regular media coverage around the size and impact of the Optus Cyber Breach is ongoing.

Optus is communicating with affected customers via email and text message with actions and recommendations, supported by third party recommendations from the Federal Government including the AFP.