• 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 […]
24 November 2020
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 […]
17 November 2020
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. […]
3 November 2020
jobmaker

JobMaker Hiring Credits

In the Budget, the Government announced high level details of the JobMaker hiring credit scheme. To date, the Bill enabling JobMaker has been introduced into Parliament but has not passed. In addition, Treasury has released an exposure draft of the rules for consultation. Economic Recovery Package (JobMaker Hiring Credit) Amendment […]
29 October 2020
ATO tax tables

$120m in JobKeeper clawed back by ATO, new compliance areas highlighted

Source: Accountants Daily Fronting a Senate estimates hearing on Tuesday, ATO second commissioner Jeremy Hirschhorn said $200 million in payments had been stopped permanently, with another $100 million under review. “We have also stopped future claims of another $350 million,” Mr Hirschhorn said. “This is where we’ve found someone was […]
29 October 2020
jobkeeper

‘Critical’ 31 October Deadline Looms for New JobKeeper Enrolments

Source: Accountants Daily While the JobKeeper extension kicked in late last month, the ATO has allowed employers until 31 October to meet the wage condition for all employees. New JobKeeper entrants will need to go one further by enrolling and submitting their “Check decline in turnover” online form to the […]
26 October 2020
ATO-website

Employers Cautioned Over ‘Hard and Fast’ Decline in Turnover Eligibility

Source: Accountants Daily With JobKeeper now requiring entities to satisfy the new actual decline in turnover test, rather than the projected decline in turnover test used earlier in the program, the ATO will be required to follow the strict letter of the law in ensuring the requisite percentage declines are […]
12 October 2020
jobkeeper alternative test

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 […]
7 October 2020
australian parliament

Government Commits $2bn to R&D Tax Incentive

To support the government’s plan to invest $1.5 billion to promote manufacturing in Australia, the federal budget has now revealed “refinements” to its existing R&D tax incentive bill. Instead of saving the government $1.8 billion under the current R&D tax incentive bill before the Senate, the government will now commit […]
5 October 2020
Business-owner-during-COVID

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 […]
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