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Small Business Owner unhappy as he misses out on loss carry back

Small Business Shut Out From Loss Carry Back

Emma Zajac
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Thousands of small businesses are set to miss out on accessing the temporary loss carry back provisions due to its limitation to corporate entities. The National Tax and Accountants’ Association has now written to Treasurer Josh Frydenberg to call for the expansion of the loss carry back provisions to non-corporate entities such as sole traders, partnerships and trusts.…
JOBKEEPER 2.0 ANNOUNCEMENT

COVID-19 | JobKeeper 2.0 Client Guide

Emma Zajac
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“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…
Imminent Workplace & ATO Targets for 2021

Imminent Workplace & ATO Targets for 2021

Emma Zajac
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What’s changing on 1 July? Company tax rate reduces to 26% for base rate entities $150k instant asset write-off scheduled to reduce back to $1,000 for small business entities and will no longer be available for entities with aggregated annual turnover of $10m or more, although accelerated depreciation rules apply to certain entities until 30…

Jail Time for Employers who don’t pay super

Emma Zajac
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Employers who fail to pay super entitlements to their employees, under the Tax Office’s direction, will be subject to court-ordered financial penalties as well as up to 12 months’ imprisonment. And directors of companies that don’t pay super will come in for special attention with a “director identification number” to help the Tax Office identify those directors who are…
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