Tax Cuts Set to Flow ‘Within a Few Days or Weeks’
Source: Accountants Daily With the Morrison government’s stage 2 income tax cuts sailing through Parliament last week, the ATO now anticipates that it will be able to publish updated tax withholding schedules over the next few days. Despite the tax cuts being backdated to 1 July this year, the Tax […]
Businesses Given a Month to Implement Updated ATO Tax Tables
The Tax Office has now updated its withholding schedules and tax tables to reflect the new personal income tax thresholds that were passed by Parliament last week. The changes will apply to payments made on and from 13 October this year, with employers now given until mid-November to implement the adjustments. “As […]
Has COVID-19 Devalued Your Business?
If you are selling your business, merging, acquiring, or inviting in new investors, you need to understand the value of your business. But, to what degree does the pandemic impact on value? Should you discount or hold firm to pre COVID-19 performance on the basis that ‘we’re going to come […]
Commissioner Registers New JobKeeper Alternative Test
Source: Accountants Daily The Commissioner of Taxation has now registered additional alternative decline in turnover tests where there is not an appropriate relevant comparison period in 2019 because the entity temporarily ceased trading and were not trading for some or all of the relevant comparison period. The Coronavirus Economic Response Package (Payments […]
Tax Cuts Set to Flow ‘Within a Few Days or Weeks
Source: Accountants Daily With the Morrison government’s stage 2 income tax cuts sailing through Parliament last week, the ATO now anticipates that it will be able to publish updated tax withholding schedules over the next few days. Despite the tax cuts being backdated to 1 July this year, the Tax […]
Business Measures Announced
Source: Banks Group Business measures announced Increased access to Small Business Entity tax concessions In the Federal Budget, the Government confirmed that the turnover threshold for an entity to qualify as a Small Business Entity will be increased from $10M to $50M and that businesses with turnover of between $10M […]
