JobKeeper overpayments On 31 July 2020, the ATO released guidance in a fact sheet titled ‘JobKeeper overpayments’ (QC 63309) in relation to how it intends to administer overpayments of JobKeeper payments. An entity has received an overpayment if it had...
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How the ATO will administer JobKeeper overpayments
Aug 4, 2020 | News, COVID-19 updates
JobKeeper overpayments On 31 July 2020, the ATO released guidance in a fact sheet titled ‘JobKeeper overpayments’ (QC 63309) in relation to how it intends to administer overpayments of JobKeeper payments. An entity has received an overpayment if it had...
The Treasurer’s economic update — $184.5b deficit
Jul 23, 2020 | News, COVID-19 updates, Federal Budget
The Treasurer's economic update: 23 July 2020 On 23 July 2020, the Treasurer handed down the Government’s Economic and Fiscal Update July 2020 (the Economic Update) setting out the economic impact of the COVID-19 / Coronavirus crisis in Australia during...
JobKeeper changes: What’s new in JobKeeper 2.0?
Jul 22, 2020 | News, COVID-19 updates
Upcoming webinar Still have questions relating to JobKeeper 2.0? Join us on Friday, 31 July for a special one hour presentation. Click here for details. JobKeeper to be extended to 28 March 2021 On 21 July 2020, the Government announced that due to the...
Claiming expenses for working from home during COVID-19
Jul 22, 2020 | Tax Time, COVID-19 updates, News
Note: Check out our accompanying podcast here! The deductibility of home office expenses Expenses associated with the running of an individual’s home are usually private and domestic and nature. However, deductions for ‘home office expenses’ may be available...
$150,000 instant asset write-off extended to 31 December 2020
As part of its Economic Stimulus Package in response to COVID-19, the Government temporarily expanded access to the instant asset write-off (IAWO), under which businesses can claim an immediate deduction for certain expenditure incurred in relation to new depreciating...
Franking considerations for base rate entities
Jun 23, 2020 | News
Lower corporate tax rates and maximum franking rates for base rate entities The corporate tax rate for companies that are base rate entities (BREs) will be progressively reduced to 25 per cent by 2021–22. Companies that are not BREs are taxed at 30 per cent. In the...
Trust distributions: The relevance of the resolution to tax outcome
Jun 22, 2020 | News, Special topic
Background What is the relevance of accounting to tax? Or maybe a better way to frame this question is to consider whether what we do in the accounts, or as part of the entity’s broader compliance activities, will impact the tax outcome. One area where a connection...
How does the ATO obtain taxpayer information?
May 18, 2020 | News
The ATO's power to access taxpayer information The ATO’s wide-ranging formal and informal information gathering powers are supported by an arsenal of powerful computers, connections with other government bodies and an array of sanctions to assure cooperation, which...
JobKeeper – new rules and ATO guidance
May 8, 2020 | COVID-19 updates, News
Looking for the latest coverage on JobKeeper? Check out our new JobKeeper 2.0 blog! Background The Banter Blog article titled The JobKeeper Payment, published on 17 April 2020, outlined the operation of the Government’s $130 billion JobKeeper Payment scheme which was...
The JobKeeper Payment
Apr 17, 2020 | COVID-19 updates, News
The Federal Government’s $130 billion JobKeeper payment package is the largest financial package in Australia’s history to assist businesses with the impact of the Coronavirus (COVID–19) pandemic.
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