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Post-JobKeeper support to be announced in a 'matter of days’

Post-JobKeeper Support to be Announced in ‘A Matter of Days’

Emma Zajac
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Treasurer Josh Frydenberg has revealed that the federal government will announce targeted post-JobKeeper support in “a matter of days”, ahead of the expiry of the wage subsidy program. Speaking from Cairns on a tour of Queensland to speak with tourism businesses, the Treasurer said the government will announce its plans to extend targeted support to…
ATO Revs Up As JobKeeper Set To End In March 2021

ATO Revs Up As JobKeeper Set To End In March 2021

Emma Zajac
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Promoted by Accountancy Insurance Although 2020 saw a temporary lull in the ATO and State Revenue Office’s usual activity level due to the COVID-19 pandemic, 2021 is already set to be as busy as ever when it comes to audits and reviews initiated by government revenue authorities. Accounting professionals are being advised to get their…
ATO extends simplified working-from-home deduction method

ATO Extends Simplified Working-From-Home Deduction Method

Emma Zajac
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Taxpayers continuing to work from home in the new year will be allowed to continue using the simplified working-from-home deduction method following a third extension by the ATO. The 80¢ per hour shortcut method, introduced in April 2020 in response to COVID-19, will now be in place until 30 June 2021. This is the third…
Coronavirus grants now tax-free

Coronavirus Grants Now Tax-Free

Emma Zajac
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Legislation aimed at ensuring coronavirus small business grants are not subject to income tax has now passed both houses of Parliament. Treasury Laws Amendment (2020 Measures No. 5) Bill 2020 passed Parliament late on Thursday. The bill amends income tax law to make certain grant payments received by eligible businesses non-assessable non-exempt income so that these…
JobKeeper deadlines for the second extension period have now been extended by the ATO ahead of the festive season.

ATO Extends JobKeeper Deadlines ahead of Christmas & New Year

Emma Zajac
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JobKeeper deadlines for the second extension period have now been extended by the ATO ahead of the festive season. Completion of the December business monthly declaration, for employers to be reimbursed for payments between 23 November 2020 to 3 January 2021, has also been extended from the usual 14th of each month to 28 January…
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…
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…
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