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...
Some light reading for EOFY – Dr Seuss applies for JobKeeper
With 30 June 2020 a mere few sleeps away, now is the opportune time for accounting and tax professionals to enjoy some light-hearted relief from the ongoing challenges of a difficult 2020 financial year. The TaxBanter team presents the following poem that encapsulates the JobKeeper journey of an adviser.
Dr Seuss applies for JobKeeper
By Brian Kamenetzky, Senior Tax Trainer
I really don’t get these JobKeeper rules
And is the enrolment form really designed for fools?
But the prospect of the payment — yes, he drools
Maybe my accountant should work through these rules
And how many employees I’m meant to include
Means I miss two fortnights whilst I brood
And if you’re not a ‘long term casual’, you’re really screwed
But I’m a ‘business participant’ and such a dude!
And all these dates just drive me crazy
They always keep changing them, so I can’t be lazy
Its even worse than the Hampton Court Maz-ee
And leaves me stupefied and rather dazey!
And please be careful if it’s a ‘naughty’ scam
‘Cause you’ll find yourself in an awful jam
I’m kinda thinking … ‘to be slaughtered like a lamb’
And leave you feeling less than glam!
And what’s all this hype with the ‘decline in turnover’ test?
A ‘basic’ and ‘alternative’ set of rules – a veritable gabfest
And then there’s the ‘group structures’ rules to challenge the best
In a very smart adviser you’d better invest!
And Treasury and the ATO seemingly in a rift
And PCGs and LCR’s and the like leaving us all rather miffed
All a constant reminder that the goalposts will shift
No wonder my understanding continues to drift!
And then there’s the possibility of the TPB down your throat
And wouldn’t they just love to gloat
To cast you aside like a sinking boat
With a waterproof version of the ‘Code of Conduct’ to keep you afloat!
Then there’s the Fair Work stuff to do your head in
It leaves you breathless, your brain’s in a spin
‘Awards’ and ‘enabling directions’, do you lose or do you win?
It’s the employment law solicitors with the biggest grin!
So you’d better be careful that you get this all right
And build an audit trail with all your might
‘Cause if you don’t, you’re in for a helluva fight
And not much sleep each and every fortnight!
The JobKeeper payment scheme – your questions, answered
TaxBanter is offering a tailored 1 hour online training session in which our expert trainers will guide your firm through the practical application of the JobKeeper package to your clients’ businesses.
Who is this session designed for?
Existing TaxBanter clients:
Coverage of the JobKeeper package will take place in your next scheduled training session. If you require training sooner, please contact us immediately to schedule an additional JobKeeper session ($770 per firm).
For other firms wishing to arrange a JobKeeper session, please contact us via email or phone us at 03 9660 3500 ($990 per non-client firm).
All sessions will be supported by comprehensive JobKeeper training material.