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Peter Holt Assistant Commissioner for ATO

COVID-19 | Trading Conditions could Lead to more TPAR Businesses: ATO

Emma Zajac
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Businesses such as restaurants and cafés that moved to a delivery service model in response to COVID-19 restrictions have been urged to confirm if they fall into the taxable payments reporting system this year. ATO assistant commissioner Peter Holt said ongoing coronavirus restrictions have seen businesses pivot and contract out more services, potentially capturing these…
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

Emma Zajac
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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…
ATO Cash Flow Boost Measure for Small to Medium sized Businesses

Tax Office Quizzed on Cash-Flow Boost Backlog

Emma Zajac
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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,…
COVID-19 Australias Major Banks agree to 'Bridging Finance" for JobKeeper Payment

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

Emma Zajac
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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…
The Second $66.1 bn Stimulus Package: What You Need To Know

The Second $66.1 bn Stimulus Package: What You Need To Know

Emma Zajac
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The Government yesterday released a second, far reaching $66.1 bn stimulus package that boosts income support payments, introduces targeted changes to the superannuation rules, provides cash flow support of up to $100,000 for small business employers, and relaxes corporate insolvency laws. The stimulus measures are not yet legislated. Parliament will reconvene on Monday 23 March.…
Small Business Empty due to COVID-19

ATO Implements Support Measures to Assist Those Affected by COVID-19

Emma Zajac
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The Australian Taxation Office (ATO) will implement a series of administrative measures to assist Australians experiencing financial difficulty as a result of the COVID-19 outbreak. Commissioner of Taxation Chris Jordan is encouraging businesses impacted by the coronavirus to get in touch with the ATO to discuss relief options. “We know that many businesses and communities…

Accounting For Christmas

Emma Zajac
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Here we are again – that wonderful time of the year! It seems to come around quickly (yet again), and as we get closer to Christmas we starting to think about those end of year celebrations, and recapping all of the good things that have happened throughout the year. For many business owners – and…

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