Blog
Tax time 2020 is here
Don’t jump the gun and lodge too early Tax time 2020 is here, but it’s likely to be anything but routine. Many individuals on reduced income or have increased deductions may be eager to lodge their income tax returns early to get their hands on a refund. However, the...
ATO scam calls may soon be a thing of the past
Last year, some 107,000 ATO impersonation scam calls were reported to the authorities. The real number is likely to be much higher, given that most of these types of calls go unreported. Scammers are increasingly using technological advances to appear more legitimate...
Additional cash flow boost coming for businesses
If your business is one of many that received the initial cash flow boosts as a part of the government’s COVID-19 economic stimulus measures, prepare for more help coming your way. When you lodge your monthly or quarterly activity statements for June to September...
Expanded instant asset write-off for businesses
If you’ve purchased assets for your business, remember that you may be eligible to claim an immediate deduction under the instant asset write-off, which was recently expanded. From 12 March to 30 June 2020 inclusive, the instant asset write-off threshold for each...
Directors’ duties still apply despite COVID-19 relief
The Australian Securities and Investments Commission (ASIC) has reminded companies, directors and officers faced with COVID-19 challenges to reflect on their fundamental duties to act with due care, skill and diligence, and to act in the best interests of the company....
Processing of super early releases resumes with extra risk filters
Processing of COVID-19 early release of superannuation applications has now resumed, with the ATO adding extra risk filters for all files that are delivered to super funds. These release requests had been temporarily paused between 8 May and 11 May 2020 so that the...
STP exemption for small employers extended to July 2021
The ATO has extended the Single Touch Payroll (STP) exemption for small employers in relation to closely held payees from 1 July 2020 to 1 July 2021 in response to COVID-19. Tip: A “small employer” is one that has 19 or fewer employees, and a “closely held payee” is...
JobKeeper: measuring decline in turnover
Businesses (including sole traders and charities) must have suffered a “substantial decline” in turnover to qualify for the JobKeeper Payment of $1,500 per eligible employee. The basic decline in turnover test requires an entity to measure its projected GST turnover...
Snapshot of Federal COVID-19 pandemic measures
Tax-related business measures Cash flow boost payments: Tax-free payments of up to $100,000 are available for eligible small and medium-sized entities and not-for-profits (including charities) that employ people, with a minimum payment of $20,000. Instant asset...
Treasury revises down estimated JobKeeper cost by $60 billion
The ATO and Treasury have released a joint statement advising that the previous estimate of the number of employers who would access the JobKeeper program was significantly overstated. Treasury now estimates the number of employees covered under the JobKeeper program...
Do you or your business need help?
If you or your business need help with your financial arrangements during this difficult time, we can help you to work out which of the many coronavirus (COVID-19) related payments, concessions and arrangements apply to you, and how you can best make use of them....
ATO opens applications for early release of super
The ATO has released its application form for the early release of superannuation by individuals impacted by COVID-19. From 20 April, an individual can make one application to access up to $10,000 of their super (tax-free) in the 2019–2020 financial year, and a second...
Understanding the JobKeeper Payment scheme
The JobKeeper Payment scheme is now open to eligible employers, sole traders and other entities to enable them to pay their eligible employees’ salary or wages of at least $1,500 each (before tax) per fortnight. You can enrol for the JobKeeper Payment through the...
Coronavirus cash flow boost payments explained
As of the second round of economic stimulus in response to the COVID-19 pandemic, the Australian Government has legislated a measure to boost cash flow for employers. However, small to medium employers who intend to claim the “cash flow boost payment” in the hope of...
Federal Budget night shifts to 6 October 2020
The Australian Government recently announced that this year’s Federal Budget will not be handed down until 6 October 2020. In making the announcement, Treasurer Josh Frydenberg said that this postponement is intended to “provide more time for the economic and fiscal...