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 being appropriate, then an alternative test may apply.
Rounding of GST where fractions of a cent result
The ATO has devised special rounding conventions where an amount of GST includes a fraction of a cent. Although it labels these conventions “rules”
The investment option that can hide unexpected GST
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.
ATO’s cyber safety checklist
Scammers never seem to rest, with even the latest JobKeeper iteration coming in for some scam treatment.
What the “full expensing” write-off deduction means for business
The Federal Budget measure of allowing businesses to fully write-off eligible assets is a boon to Australian businesses, even though the measure is temporary.
Lodgement Rates and Thresholds 2020/21 Budget Changes
Please find for your reference a link to comprehensive tax rates and thresholds, updated to reflect changes announced in the 2020/21 Federal Budget.
Road to recovery - Budget 2020 - 21
The information contained herein is provided on the understanding that it neither represents nor is intended to be advice or that the authors or distributor is engaged in rendering legal or professional advice. Whilst every care has been taken in its preparation no person should act specifically on the basis of the material contained herein. If assistance is required, professional advice should be obtained.
SMSF regulations to allow six members under new legislation
A bill has been introduced into Parliament that partially implements a measure to allow an increase in the maximum number of allowable members in self-managed superannuation funds and small APRA funds from four to six.
Electronic execution of documents during COVID-19
The COVID-19 pandemic has prompted state and territory governments to temporarily ease the manner in which documents are executed.
Fears of Div 7A danger from COVID-relaxed loan repayments unfounded
The ATO has clarified its position regarding loans, and the repayments of loans that may have been put on hold for the period that COVID-19 has a grip on the economy and our lives.
New data matching programs initiated by the Federal Government
Over the first quarter of this financial year, the government has initiated two new data matching programs, using data that the ATO holds.
JobKeeper rules, conditions and payment rates have changed
Legislation has been put in place to extend the JobKeeper scheme beyond its original sunset date, although the rates of payment and certain other details have been altered.