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,
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
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
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
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
The ATO has now announced a number of deduction hotspots that it will pay close attention to this year, in light of COVID-19. The Tax Office has begun bracing for a substantially different tax time this year, noting that it will likely see a flow-on effect from COVID-19 restrictions on work-related expenses claims. ATO Assistant
If you’ve paid a tradie or other contractor for building and construction services in the last year, you might need to lodge a Taxable Payments Annual Report (TPAR) by 28 August, if: you earn 50% or more of your business income or 50% or more of your business activity is from building and construction – including
The ATO has provided employers with a recent reminder that from 1 January 2020, salary sacrificed super contributions can’t be used to reduce super guarantee obligations, regardless of the amount your employee elects to salary sacrifice. This means the salary sacrificed amount does not count towards your super guarantee (SG) obligations. A further change
As the situation around COVID-19 continues, the ATO understands many employees have been working from home. To make it easier when claiming a deduction for additional running costs you incur as a result of working from home, special arrangements have been announced. A simplified method has been introduced that allows you to claim a rate
A major part of the Government’s response to the Coronavirus (or ‘COVID-19’) pandemic is the ‘JobKeeper Payment’ Scheme. The JobKeeper Payment is a wage subsidy that will be paid through the tax system (i.e., it will be administered by the ATO) to eligible businesses impacted by COVID-19. Under the scheme, eligible businesses will receive a
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