The ATO has extended, from 30 June 2020 to at least 30 September 2020, the “shortcut” rate for claiming work-from-home running expenses. This shortcut eligible taxpayers to claim running expenses incurred between 1 March 2020 and 30 September 2020 at the rate of 80 cents per work hour, provided they keep a record of the number of […]
The ATO has published a list of common mistakes and misconceptions taxpayers have around tax time: bank details don’t update themselves: the ATO does not keep track of changes to bank nominations for taxpayers to receive tax refunds; it’s not okay to double dip: it’s important to remember that if you’re claiming under the shortcut […]
The ATO is on the look-out for fraudulent schemes designed to take advantage of the Government’s COVID-19 stimulus measures. This includes JobKeeper, early release of superannuation, and boosting cash flow for employers. The ATO will be using its wide array of data sources to assess and identify inappropriate behaviour. It has also established a confidential […]
The Government has announced that it will extend the temporary Coronavirus Supplement payment from 25 September to 31 December 2020 but the rate will be reduced from $550 to $250 per fortnight. Since 27 April 2020, a Coronavirus Supplement of $550 per fortnight has effectively doubled the social security payments for job seekers, sole traders and […]
The ATO’s key JobKeeper information has been updated to note that payments for childcare providers stop from 20 July 2020. This follows the Government’s changes to transition certain approved providers of childcare services out of the JobKeeper scheme. The Government has instead decided to extend separate support to this sector by reintroducing the Child Care […]
The Government has announced that JobKeeper payments will continue for six months beyond the legislated finish date of 27 September 2020, subject to revamped eligibility rules. Treasurer Josh Frydenberg said the Government will introduce two tiers of payment rates as part of “JobKeeper 2.0” to better reflect the pre-COVID-19 incomes of recipients. The extension of […]
If you’ve purchased assets for your business, remember that you may be eligible to claim an immediate deduction in your 2019–2020 and 2020–2021 tax returns under the instant asset write-off, which was recently further expanded. From 12 March to 31 December 2020 inclusive, the instant asset write-off threshold for each asset increased to $150,000 (up from $30,000) […]
On 23 July 2020, Federal Treasurer Josh Frydenberg released the Economic and Fiscal Update July 2020, outlining the key COVID-19 policy response measures announced by the Government since March 2020. The Treasurer said the Government has provided economic support for workers, households and businesses of around $289 billion (14.6% of gross domestic product) in response to […]
Last year, some 107,000 ATO impersonation scam calls were reported to the authorities. The real number is likely to be much higher, given that most of these type of calls go unreported. Scammers are increasingly using technological advances to appear more legitimate and nab unsuspecting victims. One technique commonly used is “spoofing”, where scammers use […]
If your business is one of many that received the initial cash flow boosts as a part of the government’s COVID-19 economic stimulus measures, prepare for more help coming your way. When you lodge your monthly or quarterly activity statements for June to September 2020, your business will receive additional cash flow boosts. Generally, the […]
If you’ve purchased assets for your business, remember that you may be eligible to claim an immediate deduction under the instant asset write-off, which was recently expanded. From 12 March to 30 June 2020 inclusive, the instant asset write-off threshold for each asset increased to $150,000 (up from $30,000) for business entities with aggregated annual turnover of less than […]
Don’t jump the gun and lodge too early Tax time 2020 is here, but it’s likely to be anything but routine. Many individuals on reduced income or have increased deductions may be eager to lodge their income tax returns early to get their hands on a refund. However, the ATO has issued a warning against […]
The Australian Securities and Investments Commission (ASIC) has reminded companies, directors and officers faced with COVID-19 challenges to reflect on their fundamental duties to act with due care, skill and diligence, and to act in the best interests of the company. ASIC Commissioner John Price has said the impacts of COVID-19 will require many companies […]
Processing of COVID-19 early release of superannuation applications has now resumed, with the ATO adding extra risk filters for all files that are delivered to super funds. These release requests had been temporarily paused between 8 May and 11 May 2020 so that the ATO could consider enhancements to its systems to help protect individuals’ […]
The ATO has extended the Single Touch Payroll (STP) exemption for small employers in relation to closely held payees from 1 July 2020 to 1 July 2021 in response to COVID-19. Tip: A “small employer” is one that has 19 or fewer employees, and a “closely held payee” is someone who is directly related to […]