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...
Banter blog.
The latest tax news & updates.
What tax initiatives will be in next week’s Federal Budget?
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...
The new alternative decline in turnover test — what’s changed?
On 23 September 2020, the Commissioner registered the Instrument titled the Coronavirus Economic Response Package (Payments and Benefits) Alternative Decline in Turnover Test Rules (No. 2) 2020 (the Instrument), accompanied by an Explanatory Statement, which...
JobKeeper extension — Commissioner’s determinations
On 15 September 2020, the Treasurer registered the Coronavirus Economic Response Package (Payments and Benefits) Amendment Rules (No. 8) 2020 which sets out the rules for JobKeeper 2.0 — i.e. the extension of the JobKeeper scheme from 28 September 2020 to 28...
JobKeeper 2.0 is now law
Editor's note The ATO has subsequently advised that for the JobKeeper fortnights starting 28 September 2020 and 12 October 2020 only, employers will have until 31 October 2020 to meet the wage condition for all employees included in the JobKeeper scheme....
Do home office expense claims affect the main residence exemption?
Working from home — the new normal Due to the COVID-19 public health crisis, many taxpayers commenced working from home for the first time during 2020. Deductions for ‘home office expenses’ may be available under s. 8-1 and Div 40 of the ITAA 1997...
How the JobKeeper Fair Work changes will affect tax practitioners
The Coronavirus Economic Response Package (Jobkeeper Payments) Amendment Act 2020 (the Act) received Royal Assent on 3 September 2020. The Act makes amendments to various legislation to: extend the JobKeeper scheme to 28 March 2021; amend the tax secrecy...
JobKeeper employee eligibility date changed to 1 July 2020
Changes to employee eligibility for JobKeeper The JobKeeper scheme is currently legislated to end on 27 September 2020. On 21 July 2020, the Government announced that due to the ongoing COVID-19 crisis, the JobKeeper Payment scheme will be extended by six...
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...
