ATO Archives - Page 5 of 8 - The Garis Group

COVID-19 Australias Major Banks agree to 'Bridging Finance" for JobKeeper Payment

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

April 28, 2020

ATO, business, Coronavirus, COVID-19, Jobkeeper, Small Business, Tax

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

April 17, 2020

Emma Zajac

ATO, Business Owner, Company, Coronavirus, COVID-19, COVID19, Small Business, Sole Trader

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…

Female Small Business Owner Applying for The Australian JobKeeper Payment for Her Employees

COVID-19 | The JobKeeper Payment

April 17, 2020

Emma Zajac

ATO, Coronavirus, COVID-19, COVID19, Government, Jobkeeper, Payment

On 9 April 2020, the Coronavirus Economic Response Package (Payments and Benefits) Act 2020 was enacted which gives effect to the Government’s $130 billion JobKeeper payment scheme. The scheme was announced on 30 March 2020 by the Prime Minister and the Treasurer in a joint media release and was both tabled and passed without amendment…

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

April 9, 2020

Emma Zajac

ATO, Business Owner, COVID-19, Deferrals, Jobkeeper, Medium Business, Rent, Small Business

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…

Female employee working from home due to COVID-19

COVID-19 | Working From Home

April 8, 2020

Emma Zajac

ATO, Coronavirus, COVID-19, Expenses, Home Office, Tax, Working from home

With the ever-increasing impact of the Corona Virus plaguing our way of life, more and more people will be asked to work from home where that is practical. With a greater number working from home it is an opportune time to understand what the Australian Taxation Office (ATO) will allow you to claim as a…

NSW Waives Payroll Tax in COVID-19 Response

March 18, 2020

Emma Zajac

ATO, Business Owner, Payroll, Small Business, Stimulus Package, Tax

New South Wales businesses will have their payroll tax waived for the rest of the financial year as the NSW government announces its $2.3 billion economic stimulus plan. NSW Premier Gladys Berejiklian has now committed $450 million to waive the payroll tax for businesses with payrolls of up to $10 million for three months…

Man reading letter from ATO regardinf Cryptocurrency Transactions

ATO Warning Letters Highlighting Cryptocurrency Tax Discrepancies hit Australian Mailboxes

March 11, 2020

Emma Zajac

ATO, Cryptocurrency, Currency, Exchanges, Trading

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…

ATO Called Out on Draft Car Parking FBT Ruling

February 21, 2020

Emma Zajac

ATO, Car Parking, FBT, Tax

The professional accounting bodies have called on the ATO to withdraw its draft car parking fringe benefits taxation ruling, arguing that it would capture regional employers and slug an extra $1.6 million in FBT costs to current taxpayers. Late last year, the ATO released draft taxation ruling 2019/D5, detailing conditions considered as providing a car parking benefit.…

News | ATO Targets ‘Lifestyle’ Assets

February 6, 2020

Emma Zajac

Assets, ATO, Income, Insurance, Lifestyle

The ATO has requested insurance policy information from 30 insurers for lifestyle assets such as yachts, thoroughbred horses, and fine arts. The review, expected to impact 350,000 taxpayers, reaches from the 2015-16 to 2019-20 financial years, revealing assets that previously may not have been disclosed or underreporting of income. “If a taxpayer is reporting a…

Government Announced New Small Business Bushfire Support Package

January 21, 2020

Emma Zajac

ATO, Bushfire, Small Business

The government has announced a new small business bushfire support package in the form of grants, low-interest loans, and the extension of lodgment deferrals. Announced today, small businesses impacted by the bushfires will be afforded up to $50,000 in tax-free grants and loans of up to $500,000 for businesses that have “suffered significant asset loss…

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

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

COVID-19 | The JobKeeper Payment

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

COVID-19 | Working From Home

NSW Waives Payroll Tax in COVID-19 Response

ATO Warning Letters Highlighting Cryptocurrency Tax Discrepancies hit Australian Mailboxes

ATO Called Out on Draft Car Parking FBT Ruling

News | ATO Targets ‘Lifestyle’ Assets

Government Announced New Small Business Bushfire Support Package

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