Tax & Accounting Blog

Business

Super contributions caps will increase from 1 July 2021

The ATO has confirmed that, from 1 July 2021, the superannuation concessional and non-concessional contribution caps will be indexed. The new caps for the 2021/22 year will be: Concessional Cap: $27,500 Non-Concessional cap: $110,000 (or $330,000 over 3 years) The total superannuation balance limit that determines if an individual has a non-concessional contributions cap of

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Business

Paper PAYG & GST Quarterly Notices

The ATO had previously advised it would no longer issue paper installment notices for PAYG and GST quarterly installments once an activity statement or installment notice is lodged, revised, or varied electronically through its online services, however, feedback from tax professionals have alerted the ATO to issues arising for some of their clients, as a

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Business

New measures in effect

The Government has provided an update of a number of new measures that came into effect from 1 January 2021, including: The most significant changes to Australia’s insolvency framework in 30 years, which are intended to reduce costs, cut red tape, and help more small businesses recover from the pandemic. The reforms introduce a new,

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COVID19

80¢ per hour work-from-home deduction method extended

Taxpayers continuing to work from home in the new year will be allowed to continue using the simplified working-from-home deduction method following a third extension by the ATO. The 80¢ per hour shortcut method, introduced in April 2020 in response to COVID-19, will now be in place until 30 June 2021. This is the third

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Business

Temporary full expensing available for businesses

Last October, the government announced the JobMaker Plan to support businesses. One of these incentives is temporary full expensing. In their 2020–21 and 2021–22 income years, eligible businesses can immediately deduct the: business portion of the cost of eligible new depreciating assets cost of improvements to existing assets. If your business’s aggregated turnover is less

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Business

JobMaker Hiring Credit Passed

The government has passed legislation to establish the JobMaker Hiring Credit, which is part of the economic response to the COVID-19 pandemic. The JobMaker Hiring Credit is specifically designed to encourage businesses to take on additional young employees and increase employment. It does this by providing employers with a fixed amount of $200 per week for an eligible employee aged 16 to 29

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Business

Special COVID-19 Super Condition of Release Extended

If you have been adversely financially affected by COVID-19, you may be able to access some of your superannuation early. The ability to withdraw up to $10,000 from superannuation for individuals experiencing financial difficulties due to COVID-19, was initially set to expire on 24 September 2020, however, this has now been extended until 31 December 2020. Eligible citizens and permanent residents of

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COVID19

JobKeeper Updates

JobKeeper 2.0 – tweaks to the ‘Decline in Turnover’ Tests On 21 July 2020, the Government announced that the JobKeeper Payment (‘JKP’) would be extended until 28 March 2021 (i.e., for a further six months beyond its original end date of 27 September 2020).  As a result, JKPs will now be made over two separate

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Business

JobKeeper 2.0 eligibility and payments

JobKeeper extension The Government announced that JobKeeper will be extended but with changes in turnover tests and payment rates: First stage (from 28 September 2020) Turnover decline will initially be based on actual decline for June and September 2020 quarters to qualify for two reduced tier rates; Next stage (from 4 January 2021) actual turnover decline for June, September and

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Business

Tax Time Toolkits

This tax time will be unlike any other, and it promises to be one of the most challenging yet. The 2019–20 financial year has seen our country, our people, our wildlife and our land affected by unprecedented events. From drought and water shortages, to severe bushfires and more recently the COVID-19 pandemic – every Australian

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