Natural disasters and help with your tax
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Natural disasters and help with your tax Now that we are into bushfire season, and even flooding events have already occurred, it is perhaps timely to be reminded that as well as the more obvious immediate devastation inflicted on people’s property, destructive events such as fires or floods can also mean loss of […]
Single touch payroll: When your reporting can cease
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Single touch payroll: When your reporting can cease A business may no longer be required to lodge single touch payroll (STP) reports for a number of reasons. These are if your business no longer has employees, has ceased trading, has changed structure, is not paying employees for the rest of the year, or […]
Getting a tax valuation from the ATO
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Getting a tax valuation from the ATO Not every individual situation fits neatly with the tax laws as they stand — sometimes a taxable item’s known value (and therefore the tax that applies to it) may need to be determined. Many tax laws require the taxpayer to determine the market value of something. […]
JobMaker hiring credit: What you need to know
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] JobMaker hiring credit: What you need to know The JobMaker Hiring Credit scheme was passed into law in mid-November 2020. JobMaker was part of the 2020-21 Federal Budget, and will operate until 6 October 2021. It is designed to improve the prospects of young individuals getting employment, by incentivising employers to hire them, […]
STP data-sharing with Services Australia
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] STP data-sharing with Services Australia Single Touch Payroll (‘STP’) allows the ATO to share data in real-time with other government agencies, to “help them deliver government services to the Australian community”. As part of the ATO’s data-matching program, it has a STP data-sharing arrangement with Services Australia to help them administer Australia’s welfare […]
How to avoid getting dodgy advice
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] How to avoid getting dodgy advice The ATO is warning taxpayers who may be thinking about pausing, changing or closing their business, due to the current economic conditions, to be wary of untrustworthy advisers who may recommend inappropriate or illegal behaviour. This could include illegal phoenix activity, where businesses intentionally remove their assets […]
JobMaker Hiring
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] BJobMaker Hiring Australian employers wanting to access the federal government’s Jobmaker hiring credits can now register for the scheme via the Australian Taxation Office. Businesses will be able to start claiming JobMaker hiring credits from February. Under the JobMaker scheme, eligible employers can claim up to $200 per week for each additional employee […]
Business Digital Adaptation Program
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Business Digital Adaptation Program The Victorian Government recently announced Small Business Digital Adaptation Program which will allow eligible businesses to trial and then receive access to digital tools and training such as point-of-sale payment, shop online ecommerce website, accounting system like Xero to build digital capability in their day-to-day operations. Businesses will be […]
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 […]