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ATO Confirms Division 7A Relief Available to SMSF's

COVID-19 | ATO Confirms Division 7A Relief Available to SMSFs

The ATO has confirmed that SMSFs will be able to request an extension of time to meet their minimum yearly repayments for complying Division 7A loans. In the lead-up to 30 June this year, the ATO announced it would allow an extension of time to meet the minimum yearly repayment for a complying Division 7A loan for…
Government Extends Early Access to Super for those effected by COVID-19

COVID-19 | Government Extends Early Access to Super

Australians adversely financially affected by COVID-19 will now be given more time to apply for the early release of superannuation. The government’s economic and fiscal update on Thursday has revealed that applications for the COVID-19 early release of super scheme will now be extended to 31 December. Eligible citizens and permanent residents of Australia and…
JOBKEEPER 2.0 ANNOUNCEMENT

COVID-19 | JobKeeper 2.0 Client Guide

“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…
Man completing his 2020 tax return

Early Tax Time Lodgers Cautioned on COVID-19 Variables

Taxpayers chomping at the bit to lodge their tax returns have been urged to hold off for at least a few weeks as COVID-19 throws up new variables this tax time. Individual taxpayers are expected to rush in to lodge their returns early this year as they look to secure refunds, as well as the…
ATO reins in early access to super tax scheme

COVID-19 | ATO Reins in Early Access to Super Tax Schemes

Australians looking to take advantage of a tax benefit loophole in the COVID-19 early access to super scheme have now been put on notice as the ATO releases guidance on when it will apply the general anti-avoidance rule. The Tax Office has now drawn a line in the sand for tax schemes involving the COVID-19 early…
The Garis Group shares information on the $150k instant asset write-off which has now been extended for 6 months

COVID-19 | $150k instant asset write-off extended for 6 months

The $150,000 instant asset write-off has now been extended until the end of the year as the government looks to spur businesses to invest. The instant asset write-off threshold of $150,000 for businesses with an aggregated turnover of less than $500 million will now be extended to 31 December 2020. The extension, estimated to cost $300 million…
The Garis Group Team

COVID-19 | We Are Back

First and foremost, The Garis Group would like to thank everyone for being so understanding and co-operative during the past few months as we adapted to our new working conditions. No cases of COVID-19 have been detected at The Garis Group office but we are taking further precautions to respond to this unprecedented and evolving…
Bridging Funding for JobKeeper Payment

COVID-19 | Bridging Funding for JobKeeper

Senator the Hon Michaelia Cash has released the following update to assist Small Businesses and Households impacted by COVID-19 Bridging Funding for JobKeeper Australian banks are playing a vitally important role in bridging the finance that businesses need to pay their staff ahead of receiving the first JobKeeper Payment in the first week of May.…
JobKeeper to address service entities: Josh Frydenberg

COVID-19 | Special Purpose Service Entities Now Included in JobKeeper Scheme

Corporate groups that employ staff in a service entity will now be included in the JobKeeper scheme under a yet-to-be-announced alternate decline in turnover test. Revealed by Treasurer Josh Frydenberg on Friday night, the government will now provide an alternate decline in turnover test for the eligibility of special purpose service entities that provide employee…
ATO extends initial JobKeeper payment deadline

COVID-19 | ATO Extends Initial JobKeeper Payment Deadline

Employers looking to enrol for the first two JobKeeper fortnights have now been granted a further extension of time to enrol and pay employees. The ATO has now announced an extension of time for employers who wish to enrol for the first two JobKeeper fortnights to 31 May, an extension from 30 April. Crucially, for…
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