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....
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The latest tax news & updates.
Claiming expenses for working from home during COVID-19
Note: Check out our accompanying podcast here! Editor's note: After this article was published, the ATO extended the shortcut method period until 31 December 2020. The ATO has also provided two posters summarising the work from home deduction rules — a...
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...
JobKeeper – new rules and ATO guidance
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
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.
The Coronavirus economic stimulus package
Editor's note: On Thursday, 2 April, we conducted a webinar, hosted by Senior Tax Trainer Robyn Jacobson, on the implications of this package. Click here for more information and to register for a copy of the recording. Background The Coronavirus (COVID-19) pandemic...
