Jeremy Hirschhorn of ATO Announced $120m clawback of jobkeeper

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

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

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’

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

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…
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…
Senate Passes JobKeeper 2.0 Legislation

JobKeeper 2.0 Legislation Passed

JobKeeper 2.0 legislation has now passed both houses, with minor amendments that will ensure accountants are entrusted with issuing the 10 per cent decline in turnover certificate. The Coronavirus Economic Response Package (Jobkeeper Payments) Amendment Bill 2020 was passed by the Senate on Tuesday after minor technical changes were approved. The bill extends the historic…
COVID-19 | Important: JobKeeper Eligibility Dates Updated

COVID-19 | Important: JobKeeper Eligibility Dates Updated

The JobKeeper 1 July eligibility changes are now in effect, which could see staff employed by 1st July now eligible for JobKeeper, an extension from the previous 1st of March reference date. Employers have been given until the end of the month to satisfy the wage condition. The amendments apply from 3 August, the start of JobKeeper…
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