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...
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The latest tax news & updates.
JobKeeper changes: What’s new in JobKeeper 2.1?
Editor's notes: This article was original posted on 22 July 2020 based on the details contained in the Government’s announcement of the extended JobKeeper scheme on 21 July 2020. This article has been subsequently updated to incorporate the changes to the...
How the ATO will administer JobKeeper overpayments
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
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...
Claiming expenses for working from home during COVID-19
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...
Some light reading for EOFY – Dr Seuss applies for JobKeeper
Introduction 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...
$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
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
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...
Year end 2020 tax planning – foreign residents and sale of main residence
The significance of 30 June 2020 for foreign residents selling their Australian home On 9 May 2017, as part of its 2017–18 Federal Budget, the Government announced that it would remove the ability of foreign residents to access the CGT main residence...
How does the ATO obtain taxpayer information?
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...
