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...
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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
Jan 20, 2021 | JobKeeper, News
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
Jan 14, 2021 | News
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
Dec 16, 2020 | News, Special topic
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
Nov 18, 2020 | News, Special topic, Uncategorised
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
Nov 2, 2020 | News, Federal Budget
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....
Eichmann wins – Land used to store tools, equipment and materials is an active asset
Oct 21, 2020 | News
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
Oct 14, 2020 | Federal Budget, News
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?
Oct 5, 2020 | Federal Budget, News, Tax Fundamentals
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...
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