ATO Cash Flow Boost Measure for Small to Medium sized Businesses

Tax Office Quizzed on Cash-Flow Boost Backlog

The ATO has denied any systemic issues around the processing of the cash-flow boost measure, noting that it only continues to interrogate claims in a “very small number of cases”. It is now understood that a recalibration of the ATO’s dataset over the past weekend should ensure the cash-flow boost payments are processed more smoothly,…
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…
COVID-19 Australias Major Banks agree to 'Bridging Finance" for JobKeeper Payment

COVID-19 | Major Banks Agree to Provide ‘Bridging Finance’ to Help Businesses

Businesses will be given a leg up by Australia’s major banks through sped-up loans to cover upfront staff wages before the ATO reimburses the $1,500 per fortnight JobKeeper payment each month. Treasurer Josh Frydenberg has announced that Australia’s four major banks have now agreed to provide “bridging finance” to help businesses pay their employees before…
ATO issues further guidance for sole traders, trusts, partnerships, companies

COVID-19 | Job Keeper Payment: Further Guidance for Sole Traders, Trusts, Partnerships & Companies

Guidance around JobKeeper eligibility for sole traders and businesses that operate in the form of a company, trust or partnership has now been updated by the ATO. In an ATO update on Thursday, such entities will be eligible if they carried on a business in Australia on 1 March 2020; satisfied the fall in turnover…
Empty Office space due to coronavirus

COVID-19 | Small & Medium Businesses Granted Rental Waivers and Deferrals

Small and medium businesses will now be granted rental waivers and deferrals under a mandatory Code of Conduct unveiled by Prime Minister Scott Morrison. Under the Code of Conduct, landlords will be required to reduce rent proportionate to the trading reduction in the tenant’s business caused by the coronavirus pandemic through a combination of waivers…
Man reading letter from ATO regardinf Cryptocurrency Transactions

ATO Warning Letters Highlighting Cryptocurrency Tax Discrepancies hit Australian Mailboxes

The ATO’s cryptocurrency data-matching program, announced in May last year, has now resulted in an undisclosed number of letters being sent out to taxpayers, warning them to come clean with their capital gains or losses. Cryptocurrency records relating to up to one million individuals have been estimated to have been obtained by the ATO, with taxpayers given…
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