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The ATO has recently issued an alert on gifts or loans from overseas

Overseas gifts and loans in the spotlight

Emma Zajac
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The ATO has recently issued an alert on gifts or loans from overseas. The ATO is particularly concerned about schemes and arrangements designed specifically to circumvent Australian tax laws. In general, Australian-resident taxpayers need to declare their worldwide income in their Australian tax return. Some schemes however disguise offshore capital gains or income as a…
Tax and the Normalisation of Cryptocurrency

Tax and the Normalisation of Cryptocurrency

Emma Zajac
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The Australian Taxation Office recently updated its guidance on tax and cryptocurrency. In early November, the Commonwealth Bank announced that it is now Australia’s first bank to offer customers the ability to buy, sell and hold crypto assets, directly through the CommBank app. You know when the banks come on board, cryptocurrency has become normal.…
Further super reforms to ‘safeguard’ Australians’ retirement

Further super reforms to ‘safeguard’ Australians’ retirement

Emma Zajac
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Treasurer Josh Frydenberg and financial services minister Jane Hume have encouraged citizens to get behind super reform changes that have come into effect this month, citing them as the “most significant in nearly 30 years”. In a joint release, the Treasurer and financial services minister confirmed that from 1 November 2021 Australians will see their…
ATO WFM Shortcut Method

ATO Guidance: Working From Home Shortcut

Emma Zajac
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The Australian Taxation Office has extended the working from home (WFH) shortcut method to 30 June 2022. The temporary shortcut method has been available for employees who worked from home and incurred some additional running expenses as a result. It allows them to easily work out their WFH expenses from 1 March 2020 to 30 June 2020,…
NSW doubles down on alfresco dining with $66m stimulus

Alfresco Restart Scheme: NSW Government Announce $66m Hospitality Package

Emma Zajac
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The Perrottet government is set to offer $5,000 start-up grants to 5,000 emerging hospitality businesses across the state in a bid to jump-start the NSW economy. The NSW government announced a $66 million hospitality package as part of its “Alfresco Restart” scheme aimed at revamping alfresco dining, “outdoor activations” and events businesses across the state…
Unwinding COVID-19 Relief COVID-19 support will roll back as states and territories reach vaccination targets.   The National Plan, the road map out of COVID-19, does more than provide greater freedoms at 70% and 80% full vaccination rates, it withdraws the steady stream of Commonwealth financial support to individuals and business impacted by COVID-19 lockdowns and border closures. We look at the impact and the support that remains in place. For further information, please click the 'Read More' button below.

Unwinding COVID-19 Relief

Emma Zajac
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COVID-19 support will roll back as states and territories reach vaccination targets. The National Plan, the road map out of COVID-19, does more than provide greater freedoms at 70% and 80% full vaccination rates, it withdraws the steady stream of Commonwealth financial support to individuals and business impacted by COVID-19 lockdowns and border closures. We…
RECONFIRMATION PROCESS FOR JOBSAVER & THE MICRO-BUSINESS GRANT

Reconfirmation Process For JobSaver & The Micro-Business Grant

Emma Zajac
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If your business currently receives payments under the NSW JobSaver or Micro-business Grant schemes, you will now need to reconfirm your eligibility each fortnight to continue receiving payments. What needs to be reconfirmed? Each fortnight, your business will need to reconfirm that it: Continues to experience a decline in turnover of 30% or more; and…
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