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,…
2020 Tax Planning

2020 Tax Planning | Reduce your 2020 Tax!

With the end of financial year approaching quickly, NOW is the time to discuss with us the actions you can take before 30 June 2020 to reduce your tax and grow your wealth!   For 2020, key priorities are likely to include: Maximising superannuation contributions without exceeding the relevant caps Bringing forward deductible expenses Deferring taxable income Managing…
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…
The Stimulus Package - What You Need To Know

The Stimulus Package: What You Need To Know

Following the Prime Minister’s media announcement late last week we have compiled a summary of the government’s COVID-19 economic stimulus support plans for both individuals and small businesses. We will provide additional client alerts and announcements on various matters as and when required, however for now if you or your business requires support, please reach…
Carpark

ATO Called Out on Draft Car Parking FBT Ruling

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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.…
picture of a family home with toys on the floor

CGT and the family home: expats and foreigners excluded from tax exemption

Late last year, legislative changes were made that exclude non-residents from accessing the main residence exemption. The retrospective changes directly impact foreigners and expats whose main residence is in Australia or overseas. We explore the impact. Key points ·       Non-residents for tax purposes excluded from the main residence exemption from 9 May 2017 ·       Transitional…
Family looks on to raging bushfires near their property

News | ATO Grants Automatic Deferrals in Bushfire Support

The ATO has granted an automatic two-month deferral for lodgements and payments to those impacted by the ongoing bushfire crisis. Identified impacted postcodes across New South Wales, Victoria, Queensland and South Australia will be granted an automatic two-month deferral for activity statement lodgements and payments due. Taxpayers or their agents do not need to apply…
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