Background Eichmann v FCT [2020] FCAFC 155 (Eichmann's case) is about whether a block of land used by a building, bricklaying and paving business connected to the Taxpayer for the storage of work tools, equipment and materials was an ‘active asset’, defined...
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Eichmann wins – Land used to store tools, equipment and materials is an active asset
Background Eichmann v FCT [2020] FCAFC 155 (Eichmann's case) is about whether a block of land used by a building, bricklaying and paving business connected to the Taxpayer for the storage of work tools, equipment and materials was an ‘active asset’, defined...
Federal Budget 2020-21 tax measures have passed Parliament
Federal Budget 2020–21 On Tuesday, 6 October 2020, the Treasurer handed down the Government’s Federal Budget 2020–21. TaxBanter Resources: Our 2020-21 Federal Budget at a glance infographic (also displayed below) Our 2020-21 Federal Budget Summary Our 2020-21...
I’ve been out of the tax game for a while … surely nothing has changed?
Changes in the tax landscape, big and small Almost invariably, the quick ‘introduce yourself’ at the start of every one of TaxBanter’s Tax Fundamentals sessions reveals a participant who is getting back into the game after a stint on the bench. Whether it has just...
What tax initiatives will be in next week’s Federal Budget?
The Treasurer will deliver its 2020–21 Federal Budget at 7.30pm (AEDT) next Tuesday, 6 October 2020. Back in March, the Government announced the deferral of the Budget — from its usual calendar place on the second Tuesday of May — due to the unprecedented economic...
The new alternative decline in turnover test — what’s changed?
On 23 September 2020, the Commissioner registered the Instrument titled the Coronavirus Economic Response Package (Payments and Benefits) Alternative Decline in Turnover Test Rules (No. 2) 2020 (the Instrument), accompanied by an Explanatory Statement, which...
JobKeeper extension — Commissioner’s determinations
On 15 September 2020, the Treasurer registered the Coronavirus Economic Response Package (Payments and Benefits) Amendment Rules (No. 8) 2020 which sets out the rules for JobKeeper 2.0 — i.e. the extension of the JobKeeper scheme from 28 September 2020 to 28...
JobKeeper 2.0 is now law
Editor's note The ATO has subsequently advised that for the JobKeeper fortnights starting 28 September 2020 and 12 October 2020 only, employers will have until 31 October 2020 to meet the wage condition for all employees included in the JobKeeper scheme....
Do home office expense claims affect the main residence exemption?
Working from home — the new normal Due to the COVID-19 public health crisis, many taxpayers commenced working from home for the first time during 2020. Deductions for ‘home office expenses’ may be available under s. 8-1 and Div 40 of the ITAA 1997...
How the JobKeeper Fair Work changes will affect tax practitioners
The Coronavirus Economic Response Package (Jobkeeper Payments) Amendment Act 2020 (the Act) received Royal Assent on 3 September 2020. The Act makes amendments to various legislation to: extend the JobKeeper scheme to 28 March 2021; amend the tax secrecy...
JobKeeper employee eligibility date changed to 1 July 2020
Changes to employee eligibility for JobKeeper The JobKeeper scheme is currently legislated to end on 27 September 2020. On 21 July 2020, the Government announced that due to the ongoing COVID-19 crisis, the JobKeeper Payment scheme will be extended by six...
