• jobmaker
    JobMaker Hiring Credits: What We Know So Far
    We’ve had quite a few questions about the JobMaker hiring credit announced in the 2020-21 Federal Budget. The legislation enabling the JobMaker scheme has not passed Parliament as yet and until this occurs, the JobMaker rules are not certain and may change. More details should be available soon and we’ll […]
  • tax loss
    Refunds for Tax Losses
    If your company has made a loss, you may be able to claim a tax refund for tax previously paid on profits.  In the 2020-21 Federal Budget, the Government announced that businesses with turnover under $5bn* will be able to offset any losses made between 2019-20 and 2021-22 against previously […]
  • investment
    Tax Deductions for Investing in Your Business
    Stimulating investment is high on the Government’s agenda. To encourage spending, the 2020-21 Budget introduced a measure that allows businesses with turnover under $5bn* to immediately deduct the cost of new depreciable assets and the cost of improvements to existing assets in the first year of use. This means that […]
  • system-outage
    ATO Extends JobKeeper Monthly Declaration After System Downtime
    Despite the business monthly declaration for October JobKeeper payments due on 14 November, the ATO had scheduled its system maintenance for online services for agents over the weekend, effectively affecting access over both days. As such, the ATO has now confirmed it will continue to accept and process late declarations. […]
  • best-worst-smsfs
    3 Best and Worst Super Funds Revealed
    Source: NestEgg Stockspots 2020 Fat Cat Funds report has stated that poor performance is largely due to higher fees, with CEO Chris Brycki highlighting to consumers they would be $200,000 better off if they are in a fund charging less than 1 per cent instead of paying 2 per cent. “One […]
  • Australian Tax Office
    ATO Flags Key Early Access to Super Dates
    In an online update, the ATO said that ATO offices will generally be closed from midday of 24 December 2020 to the start of business on 4 January 2021. The last fund files prior to Christmas will be sent on 24 December 2020 – this will include all approvals up […]
10 November 2020

ATO Data Reveals Tax Avoidance Red Flags

Source: Accountants Daily The ATO has released its first annual report on Common Reporting Standard (CRS) statistics, which contains information on Australian financial accounts held by foreign tax residents as at 31 December 2018. Under the CRS, banks and other financial institutions pass on financial account information on non-residents to the […]
8 October 2020

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 […]
5 October 2020

JobKeeper 2.0 Details Confirmed for Extension and Alternative Tests

The Treasurer has released the detailed Rules governing eligibility for JobKeeper after 28 September 2020 (known as JobKeeper 2.0). The Tax Commissioner has also issued a legislative instrument outlining the alternative tests for satisfying the additional decline in turnover test. As a starting point, for an entity to be eligible […]
30 September 2020
victorian small business

Victorian Small Business Grants Now Income Tax Free

Source: Accountants Daily The federal and Victorian governments have reached an agreement to make the grants to small and medium businesses under Victoria’s Business Resilience Package exempt from income tax. The $3 billion grant package, announced earlier this month, provides up to $20,000 in grants to businesses with a payroll […]
30 September 2020
home office taxation

Temporary Home Office Expenses Shortcut Extended Again

Source: Accountants Daily The temporary shortcut method for calculating home office expenses has now been extended to 31 December 2020, after it was due to expire at the end of September. Taxpayers have been able to apply the 80 cents per hour method since March, after the ATO introduced the […]
10 September 2020
cashflow boost

ATO Eyes ‘Unusual or Unexpected’ PAYG Cash-Flow Boost Changes

Source: Accountants Daily The ATO is concerned that some businesses who have received the $20,000 to $100,000 cash-flow boost have made either an honest mistake or undertaken a fraudulent arrangement to increase the amount they receive. “We recently wrote to some cash-flow boost recipients where we have seen an unusual […]
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