The ATO has released long-awaited draft guidance on its proposed compliance approach to the allocation of professional firm profits. The preliminary guidance is contained in the draft Practical Compliance Guideline PCG 2021/D2 (the draft Guideline). The ATO...
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Allocation of professional firm profits — draft ATO guidance now available
The ATO has released long-awaited draft guidance on its proposed compliance approach to the allocation of professional firm profits. The preliminary guidance is contained in the draft Practical Compliance Guideline PCG 2021/D2 (the draft Guideline). The ATO...
Single Touch Payroll changes from 1 July 2021
The ATO has recently published a number of fact sheets in relation to Single Touch Payroll (STP) changes which will take effect on 1 July 2021. Small employers will commence to report for closely held payees, and the quarterly exemption for micro employers...
A timely change to the FBT car parking exemption rules
Background Car parking on site for employees is a commonly provided benefit — often provided perhaps without any thought to the FBT consequences. Whilst previously this inattention may not have mattered, a recent preliminary change in the ATO's position, on...
The JobMaker Hiring Credit scheme explained
On 4 December 2020, the Treasurer registered a Legislative Instrument titled the Coronavirus Economic Response Package (Payments and Benefits) Amendment Rules (No. 9) 2020 (the Amendment Rules) to set out the details of the JobMaker Hiring Credit scheme (the...
JobMaker reporting obligations
On 4 December 2020, the Treasurer registered a Legislative Instrument titled the Coronavirus Economic Response Package (Payments and Benefits) Amendment Rules (No. 9) 2020 (the Amendment Rules) to set out the details of the JobMaker Hiring Credit scheme (the...
JobKeeper cases on backpay and backdated ABNs
Two cases decided in December 2020 provide much needed guidance as to the operation of specific aspects of the JobKeeper scheme. The Full Federal Court judgment in Qantas Airways Limited v Flight Attendants’ Association of Australia [2020] FCAFC 227 means...
Bills status – January 2021
With most tax professionals now returning to work after the holiday break, this is the ideal time to do a stocktake of the status of recent tax, superannuation and related Bills which may affect tax practitioners and their clients in 2021. This article...
Temporary full expensing opt-out Bill has passed Parliament
On 10 December 2020, the Treasury Laws Amendment (2020 Measures No. 6) Bill 2020 (the Bill) passed both Houses of Parliament. It now awaits Royal Assent. The Bill makes changes to the temporary full expensing and Backing Business Investment (BBI) measures by:...
Temporary full expensing of depreciating assets
The new temporary full expensing rules provide businesses with a turnover of up to $5 billion with an immediate deduction for 100 per cent of the cost of eligible depreciating assets. The provisions are set out in new Subdiv 40-BB of the Income Tax...
Loss carry back for companies
An optional, temporary loss carry back for companies has been introduced by the Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act 2020, which received Royal Assent on 14 October 2020. The Act inserts new Div 160 into the ITAA 1997....
