Tax Archives - Page 4 of 9 - The Garis Group

Small Business Owner on the phone and computer looking for help during COVID-19

COVID-19 | What Now? Where to Get Help If You Need It

August 12, 2020

COVID, COVID-19, COVID19, employee, Employer, Help, Individual, Jobkeeper, Jobkeeper 2.0, Payroll, Small Business, Tax

Help for Business JobKeeper 2.0 The Government has announced further changes to the JobKeeper scheme. The good news is that employees that missed out on JobKeeper because they were not employed on 1 March 2020 might now be eligible. The proposed changes would enable employees employed on 1 July 2020 to receive JobKeeper payments from…

Peter Holt Assistant Commissioner for ATO

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

August 6, 2020

Emma Zajac

business, Businesses, Cafe, Contractors, COVID-19, COVID19, Grocery Store, Payment, Restaurant, retail, Subcontractor, Tax, TPAR

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…

Early Tax Time Lodgers Cautioned on COVID-19 Variables

July 2, 2020

Emma Zajac

ATO, COVID-19, COVID19, Tax, Tax Return, Tax Time, taxpayers

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…

Tax Time 2020 | ATO Homes in on Rental Deduction Claims

June 29, 2020

Emma Zajac

2020, ATO, Bushfires, Claim, Coronavirus, COVID-19, COVID19, Investment Property, Natural Disaster, property, Rent, Rental Claim, Rental Deduction, Tax, Tax Time

Rental deduction hotspots for this tax time have now been identified by the ATO as it anticipates a change in claims because of COVID-19 and recent natural disasters. Rental deduction claims continue to be a focus point for the ATO leading into tax time 2020, with the agency doubling its in-depth audits last year on the back…

Tax Time Tips for Side Hustlers this EOFY

June 16, 2020

Emma Zajac

EOFY, Hobby, Second Job, Small Business, Tax, Tax Time

With the way we work constantly changing due to COVID-19, some enterprising people have used the extra time to make money through the sharing economy or by establishing a side hustle. If that’s you, then doing your tax return may be a little different this year. Xero teamed up with bookkeeper Jo Doye who shares…

Save Tax – Avoid tax penalties by making your Trust Distribution Resolutions before 30 June 2020

2020 Tax Planning | Avoid Extra Tax, Trust Distributions Before 30 June!

June 3, 2020

Emma Zajac

2020, Save Tax, Tax, Tax Planning, Tax Time, Trust, Trust Distribution, Trustee

Do you have a Discretionary Trust (also known as a Family Trust)? If yes, you MUST keep reading! In the lead-up to 30 June 2020, we want you to be aware that you need to complete your trust distribution resolutions before 30 June. Why? To avoid paying extra tax of up to 47% of Trust…

Imminent Workplace & ATO Targets for 2021

June 2, 2020

Emma Zajac

Annual Leave, ATO, Audit, Casual, Compliance, Employees, Employers, Employment Entitlements, Jobkeeper, Part-Time, Permanent, Shift-workers, Small Business, Targets, Tax, Taxation

What’s changing on 1 July? Company tax rate reduces to 26% for base rate entities $150k instant asset write-off scheduled to reduce back to $1,000 for small business entities and will no longer be available for entities with aggregated annual turnover of $10m or more, although accelerated depreciation rules apply to certain entities until 30…

2020 Tax Planning | Save Tax – ‘Cap’ Tax Using a ‘Bucket Company’

May 27, 2020

Emma Zajac

2020, Bucket Company, Save Tax, Tax, Tax Planning

In the lead up to 30 June 2020, we want you to know why using a ‘bucket company’ can be a great strategy for saving tax on trust profits distributed. Profits from a Trust? Do you have a Trust that generates profits? If yes, then read on! A “bucket company” allows you to “cap”…

ATO Cash Flow Boost Measure for Small to Medium sized Businesses

Tax Office Quizzed on Cash-Flow Boost Backlog

May 21, 2020

Emma Zajac

ATO, boost, business, cashflow, Payment, Tax

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,…

In the lead-up to 30 June 2020, we want you to be aware of opportunities to save tax with super contributions.

2020 Tax Planning | Opportunities with Superannuation for 2020

May 20, 2020

Emma Zajac

2020, Contributions, Super, Super Contributions, Superannuation, Tax, Tax Planning, Tax Time

When you retire, your superannuation is likely to become an important source of your income. That’s why it’s a good idea to top it up while you are working. But did you know, there are also some excellent tax benefits you can take advantage of right now – just by making your own voluntary superannuation…

COVID-19 | What Now? Where to Get Help If You Need It

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

Early Tax Time Lodgers Cautioned on COVID-19 Variables

Tax Time 2020 | ATO Homes in on Rental Deduction Claims

Tax Time Tips for Side Hustlers this EOFY

2020 Tax Planning | Avoid Extra Tax, Trust Distributions Before 30 June!

Imminent Workplace & ATO Targets for 2021

2020 Tax Planning | Save Tax – ‘Cap’ Tax Using a ‘Bucket Company’

Tax Office Quizzed on Cash-Flow Boost Backlog

2020 Tax Planning | Opportunities with Superannuation for 2020

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