Tax Treatment of JobKeeper Payments

Broadly, JobKeeper Payments received by an employer are assessable income to the employer. Likewise, the payments an employer subsequently makes to an employee that are funded (in whole or in part by the JobKeeper Payment) are generally allowable deductions to…
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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…
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Employee pondering the job keeper paymen

The Job Keeper Payment

On 8 April 2020, the Federal Government passed a package of Bills through both Houses of Parliament (which received Royal Assent on 9 April 2020) to give effect to (amongst other things) the JobKeeper Scheme. Subsequent to this, a Legislative…
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Woman reviewing New ATO Home Office Claims Guidelines on a laptop

New ATO Home Office Claims Guidelines

ATO announces short cut method for claiming home office running costs The Australian Taxation Office (‘ATO’) has announced a temporary simplified short cut method to make it easier for individual taxpayers to claim deductions for additional running expenses incurred (e.g.,…
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Coronavirus Stimulus Package

Summary of the Coronavirus Stimulus Package

Government’s Stimulus Package in response to the Coronavirus March 2020 – Source NTAA What a changed world we are living in as we all try to navigate the challenges arising from the current Coronavirus Pandemic, including protecting the health and…
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Parliament House Canberra

Coronavirus Stimulus Package (Pending Legislation)

Source: Institute of Public Accountants Delivering support for business investment & Supporting apprentices and trainees The Government is backing businesses to invest to help the economy withstand and recover from the economic impact of Coronavirus. The two business investment measures…
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Bush fires - one of the reasons the ATO recommends updating ABN details

ATO recommends updating ABN details for disastrous reasons

The ATO has provided a novel, though important, reason for businesses to update their ABN details: to help businesses to manage the coming disaster season. ABN details are used by emergency services and government agencies to help identify and contact…
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Laundry on a rack

ATO targeting false laundry claims

The ATO will target false clothing and laundry work-related expense claims this Tax Time. In 2018, around six million people claimed work-related clothing and laundry expenses totalling nearly $1.5 billion. Assistant Commissioner Karen Foat said although many Australians can claim…
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Tax cuts become law - piggy bank

Tax cuts become law

The Government has announced that more than 10 million Australians will receive immediate tax relief following the passage of legislation through the Parliament, which increases the top threshold for the 19% tax rate from $41,000 to $45,000 and increases the…
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Single Touch Payrolls

Single Touch Payroll

Understanding STP obligations Single Touch Payroll (‘STP’) is a Government initiative aimed at cutting red tape for employers and improving visibility of compliance with business obligations such as: salary and wages and similar payments; Pay As You Go (‘PAYG’) withholding;…
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