• 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 […]
24 November 2020
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 […]
10 November 2020
payroll-tax

NSW Announces Payroll Tax Relief for New Jobs

Source: Accountants Daily NSW Premier Gladys Berejiklian believes the Jobs Plus Program will create or support up to 25,000 jobs to 30 June 2022 by incentivising companies to relocate their head offices to NSW or expand their jobs footprint in the state. A key feature of the program will see […]
3 November 2020
business-losses

Company Losses and COVID-19

The ATO has provided some guidance for companies impacted by COVID-19 and utilising losses  Changes to business operations could potentially impact on whether the company is able to utilise carried-forward losses in the current year or a future income year with reference to the same or similar business tests. As […]
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 […]
21 October 2020
tax gap

ATO Reveals First-Ever Total Tax Gap of $31bn

Source: Accountants Daily The tax gap estimates for all 15 income and transactional-based taxes currently stand at 6.9 per cent or $31.2 billion for the 2017–18 year, an amount that the Tax Office expected to collect if every taxpayer was fully compliant with the law. Total tax collections for the […]
19 October 2020
tax cuts

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 […]
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 […]
12 October 2020
tax-cuts

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 […]
Book Consultation