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Emma Zajac
291 posts
Small-business coronavirus grants set to be income tax-free under new bill

Small Business Coronavirus Grants Set to be Income Tax-Free under New Bill

Emma Zajac
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A new bill that ensures state and territory grants issued in response to the coronavirus pandemic are not subject to income tax has now been introduced. Treasury Laws Amendment (2020 Measures No. 5) Bill 2020 has now been introduced in Parliament, following the government’s announcement that small and medium business grants announced on or after…
Spreadsheets for Refunds for Tax Losses

Refunds for Tax Losses

Emma Zajac
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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 taxed profits between 2018-19 and…
Man working in cafe and wondering about Tax Deductions For Investing In Your Business

Tax Deductions for Investing in Your Business

Emma Zajac
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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

Emma Zajac
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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…
Jeremy Hirschhorn of ATO Announced $120m clawback of jobkeeper

ATO Claws Back $120m in JobKeeper with New Complaince Areas in Focus

Emma Zajac
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About $120 million in JobKeeper payments have been recovered by the ATO due to businesses making deliberate or reckless mistakes, as fresh guidance on its JobKeeper extension compliance focus lands. 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…
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.…
ATO Tax Cuts 2020

Tax Cuts Set to Flow ‘Within a Few Days or Weeks’

Emma Zajac
The ATO has begun updating its tax withholding schedules to reflect the latest round of income tax cuts, as non-salary and wage earners have been urged to vary their September quarter to factor in the retrospective cuts. With the Morrison government’s stage 2 income tax cuts sailing through Parliament last week, the ATO now anticipates…
COVID-19 Preventing a tsunami of insolvencies

Preventing a Tsunami of Insolvencies

Emma Zajac
The Government has stepped in to prevent a wave of insolvencies when the COVID-19 support measures run their course in December 2020. Temporary insolvency and bankruptcy protections are in place until 31 December 2020 to enable businesses to trade through the pandemic. The measures provide: A temporary increase in the threshold at which creditors can…
JobKeeper: The Next Steps

JobKeeper: The Next Steps

Emma Zajac
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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

Emma Zajac
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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,…
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