JobKeeper extension’s alternative turnover tests
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] JobKeeper extension’s alternative turnover tests The extension of the JobKeeper scheme is now based on current GST turnover, not projected turnover. The basic test compares year-on-year turnover. If there were events or circumstances outside the usual business settings that resulted in your relevant comparison period in 2019 (September or December 2019 quarter) not […]
GST Implications on Investment Properties
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] GST Implications on Investment Properties New residential property is a popular investment for many, and can be especially so for self-managed superannuation funds, however the ATO is concerned that not every investor in residential property is fully aware that it is an option that may bring with it unexpected GST obligations. The ATO […]
Tax and SMSF audits on still on ATO’s Radar
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Tax and SMSF audits on still on ATO’s Radar While the ATO has lately been focusing on the rollout of stimulus measures, it has also flagged that audit work is not off the table completely. In late July, when the ATO fronted a parliamentary Senate Select Committee on COVID-19, its representative said plans […]
Cyber Attack Safety Checklist
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Cyber Attack Safety Checklist Scammers never seem to rest, with even the lastest JobKeeper iteration coming in for some scam treatment. In a new update the ATO reports that it is receiving reports of email scams about JobKeeper and backing business investment claims. “The fake emails say we’re investigating your claims. They ask […]
Deduction for work-related vehicle expenses disallowed
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Deduction for work-related vehicle expenses disallowed In a decision of the Administrative Appeals Tribunal, a taxpayer, Mr Bell, was a denied a deduction for $21,565.73 of work-related vehicle expenses for the 2016 income year. Mr Bell, was a construction worker who predominantly worked on a construction site in an eastern suburb of Melbourne […]
Special COVID-19 Superannuation Condition of Release Extended
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Special COVID-19 Superannuation Condition of Release Extended Regulations that extend the time frame of the special condition of release to access $10,000 from superannuation for individuals experiencing financial difficulties due to COVID-19 have been formally registered. The ability to withdraw up to $10,000 from superannuation (if certain conditions are met) was initially set […]
Business Survival and Adaption Package
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Business Survival and Adaption Package The Victorian Government has just announced a further $3 billion in cash grants, tax relief and cashflow support to help businesses survive and keep Victorians in jobs. Business Survival Small and medium-sized business: The third round of the Business Support Fund will provide up to $20,000 for business with a […]
Where you stand with vehicles and the boosted instant asset write off
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Where you stand with vehicles and the boosted instant asset write off The extension of the instant asset write-off from $30,000 to $150,000 until 31 December 2020, as part of the Federal Government’s COVID-19 stimulus measures, provides an opportunity to look at its application to motor vehicles. Note that in addition to the […]
JobKeeper payments to get data match scrutiny between ATO and Social Services
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] JobKeeper payments to get data match scrutiny between ATO and Social Services Notice was posted recently in the Commonwealth Gazette (C2020G00570) of a data matching program that is to be launched between the ATO and Services Australia — the government body that became the executive agency in February this year in the Social […]
Government Payments and some issues for companies and trusts
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Government Payments and some issues for companies and trusts With many having received cash flow boost and JobKeeper payments, there can arise some unique issues where these amounts are received within a trust or company. The cash flow boost and JobKeeper payment have been flowing to eligible businesses for some time now. These […]