• insurance policy
    Am I Taxed on An Insurance Payout?
    Australia has had its fair share of disasters over the last few years – drought, bushfires and floods – that have ramped up the volume of insurance claims. Most people would assume that if and when they need to claim on their insurance, the insurance payout covers the damage and […]
  • changes-ahead
    What Changes on 1 July 2021?
    Super guarantee rate increase to 10% On 1 July 2021, the Superannuation Guarantee (SG) rate will rise from 9.5% to 10% – the first rise since 2014. It will then steadily increase each year until it reaches 12% on 1 July 2025. The 0.5% increase does not mean that everyone […]
  • Superannuation
    Super Guarantee Rate Rising 1 July
    On 1 July 2021, the super guarantee rate will rise from 9.5% to 10%. If you have employees, you will need to ensure your payroll and accounting systems are updated to incorporate the increase to the super rate. If you need help to work out how much super you need to […]
  • skilled migration
    Is It Time for Australia to Rethink Skilled Migration?
    Source: NestEgg When borders reopen, Australia has a chance to reshape its migrant policy, with an opportunity to target younger, more skilled workers, a think tank has revealed. Australia is not attracting the right migrants, instead it should focus on simplifying the process, taking in younger skilled workers, and paying them […]
  • Fringe Benefit Tax
    FBT Exemption, LMITO Tax Bill Introduced Into Parliament
    Source: Accountants Daily Treasury Laws Amendment (2021 Measures No. 4) Bill 2021 was introduced to the House of Representatives on Wednesday and contains two tax measures included in the Morrison government’s 2021–22 federal budget.  The first of them is the government’s FBT exemption, which will provide employers with a way […]
  • cryptocurrency
    ATO Sheds Light on Crypto Compliance Focus
    Source: Accoutants Daily Speaking at a tax-time tips seminar on Thursday, ATO assistant commissioner Adam O’Grady warned tax agents and taxpayers that his office will be closely watching all capital events related to cryptocurrency come tax time.  “It is really important for all capital assets; we will be looking to […]
4 May 2021

ATO to Review ‘thousands’ of JobKeeper, Cash Flow Boost Denials

The ATO has now committed to automatically reviewing decisions where it denied businesses access to JobKeeper and the cash flow boost based on its erroneous interpretation of its discretion to grant further time for a business to hold an ABN or provide notice to the commissioner of assessable income or […]
22 March 2021
JobKeeper Repayment

ATO Clarifies JobKeeper Repayment Tax Deductibility

The Tax Office has now published new guidance on the tax consequences for eligible businesses who have received JobKeeper payments and are now looking to repay those amounts. According to the ATO, the voluntary repayment of JobKeeper may be deductible in limited circumstances if it helps a business achieve its objective, […]
8 March 2021

Post-JobKeeper Support to be Announced ‘Within Days’

Speaking from Cairns on a tour of Queensland to speak with tourism businesses, the Treasurer said the government will announce its plans to extend targeted support to select businesses once JobKeeper ends later this month. “We’ve put in place the JobKeeper program,” Mr Frydenberg said. “That ends in March. We’ve […]
1 March 2021

Why Are Some Businesses Returning JobKeeper to the ATO?

Super Retail Group – owner of the Supercheap Auto, Rebel, BCF and Macpac brands – handed back $1.7 million in JobKeeper payments in January after releasing a trading update showing sales growth of 23% to December 2020. Toyota announced that it will return $18 million in JobKeeper payments after a […]
15 February 2021
Australian Tax Office

ATO Pressured to Correct JobKeeper, Cash Flow Boost Eligibility Oversight

Late last year, the Inspector-General of Taxation and Taxation Ombudsman (IGTO) found that the ATO had erred in determining a business’s eligibility for JobKeeper and the cash flow boost. It found that the ATO had failed to consider that the integrity rule of making a taxable supply before 12 March […]
4 January 2021

Key Dates for the Second JobKeeper Extension Period

From 4 January, the wage subsidy payments will fall to $1,000 per fortnight for those on the tier 1 rate and $650 per fortnight for those on tier 2. The new rates will apply until the JobKeeper program comes to its scheduled end date of 28 March. Entities looking to […]
1 December 2020
Stock market investment trading financial, coin and Australia flag or Forex for analyze profit finance business trend data background.

ATO Extends JobKeeper Deadlines Ahead of Christmas, New Year

Source: Accountants Daily Completion of the December business monthly declaration, for employers to be reimbursed for payments between 23 November 2020 and 3 January 2021, has also been extended from the usual 14th of each month to 28 January 2021. To account for the New Year weekend, the Tax Office will also […]
17 November 2020

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. […]
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 […]
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