Man working in cafe and wondering about Tax Deductions For Investing In Your Business

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 an asset’s cost will be…
JobMaker: What we Know So Far

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 let you know as soon…
JobKeeper: The Next Steps

JobKeeper: The Next Steps

The first tranche of JobKeeper ended on 27 September 2020. We look at the issues for those seeking to qualify for the second tranche of JobKeeper and for those no longer eligible. Wrapping Up JobKeeper If your business is no longer eligible for JobKeeper payments, there are a few things you need to do: Advise…
AustralianTaxation Office BAS Form

New JobKeeper 2.0 Rule Removes ‘Smorgasbord’ of Attribution Options

The new rules regarding the basis of accounting that an entity is required to use in calculating actual GST turnover for JobKeeper 2.0 could now throw up fresh issues for businesses. The Tax Commissioner’s determination issued on Wednesday has now set out that supplies must be allocated to a period on a GST reporting basis,…
The ATO has extended its relaxed approach to pay-as-you-go instalment variations to the new financial year, with businesses urged to undertake a first-quarter check-up

ATO Extends Relaxed Approach to PAYG Instalment Variations to New Financial Year

The ATO has extended its relaxed approach to pay-as-you-go instalment variations to the new financial year, with businesses urged to undertake a first-quarter check-up. In light of the ongoing impacts of COVID-19, the ATO has announced that it will not apply penalties or interest for excessive PAYG variations in the 2020–21 financial year, continuing its approach…
ATO assistant commissioner Sylvia Gallagher

ATO kicks off ‘soft’ debt collection restart

The ATO has launched a soft restart of its debt and lodgement activities as it looks to re-engage with businesses. Apart from Victoria, where businesses are working towards a staged reopening plan, the ATO has begun reaching out to businesses in other parts of the country as part of its debt intervention activity restart after such…
Employer and Employee Working out the new JobKeeper payment

JobKeeper Alert

With the employee test date for JobKeeper moved to 1 July 2020, some additional employees might have become eligible for JobKeeper. The August JobKeeper monthly business declaration is due by 14 September and is different to the previous form as it covers three JobKeeper fortnights. Employers need to ensure that they identify all additional employees…
JOBKEEPER 2.0 ANNOUNCEMENT

COVID-19 | JobKeeper 2.0 Client Guide

“We will do what is practically needed” – Prime Minister Scott Morrison The second tranche of the JobKeeper scheme changes the eligibility test for employers and the method and amount paid to employees. If your business currently receives JobKeeper, your arrangements will generally remain unchanged until 27 September 2020. From 28 September 2020, employers seeking to…
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