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 …
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 …
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 …
Shortcut to claiming working from home deductions Read More »
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 …
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 …
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 …
