ATO

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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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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ATO reminder about salary packaged super

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 …

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Shortcut to claiming working from home deductions

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 …

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Coronavirus: Government JobKeeper Payment

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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Supporting businesses to retain jobs

The Government is introducing a subsidy program to support employees and businesses. The JobKeeper Payment is designed to help businesses affected by the Coronavirus to cover the costs of their employees’ wages, so that more employees can retain their job and continue to earn an income. Keeping Australians in work and businesses in business will …

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Valuing car parking fringe benefits

Where businesses provide car parking fringe benefits to their employees, the taxable value of these benefits must be calculated correctly to ensure they are meeting their fringe benefits tax (‘FBT’) obligations, regardless of the method used. The ATO has advised they may directly contact businesses who have engaged an arm’s length valuer, as required under the ‘market value method’. According to …

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