paperless

Paper PAYG and GST quarterly instalment notices

The ATO has previously advised that it will no longer issue paper activity statements after electronic lodgment.  Instead, electronic activity statements will be available for access online, three to four days after the activity statement is generated. As part of…
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How to avoid getting dodgy advice

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…
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JobMaker Hiring Credit passed

JobMaker Hiring Credit Passed

The government has passed legislation to establish the JobMaker Hiring Credit, which is part of the government’s economic response to the COVID-19 pandemic. The JobMaker Hiring Credit is specifically designed to encourage businesses to take on additional young employees and…
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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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