News

ATO scam calls may soon be a thing of the past

July 3rd, 2020

Last year, some 107,000 ATO impersonation scam calls were reported to the authorities. The real number is likely to be much higher, given that most of these type of calls go unreported. Scammers are increasingly using technological advances to appear more legitimate and nab unsuspecting victims. One technique commonly used is “spoofing”, where scammers use [...]

Additional cash flow boost coming for businesses

July 3rd, 2020

If your business is one of many that received the initial cash flow boosts as a part of the government’s COVID-19 economic stimulus measures, prepare for more help coming your way. When you lodge your monthly or quarterly activity statements for June to September 2020, your business will receive additional cash flow boosts. Generally, the [...]

Expanded instant asset write-off for businesses

July 3rd, 2020

If you’ve purchased assets for your business, remember that you may be eligible to claim an immediate deduction under the instant asset write-off, which was recently expanded. From 12 March to 30 June 2020 inclusive, the instant asset write-off threshold for each asset increased to $150,000 (up from $30,000) for business entities with aggregated annual [...]

Tax time 2020 is here

July 3rd, 2020

Don’t jump the gun and lodge too early Tax time 2020 is here, but it’s likely to be anything but routine. Many individuals on reduced income or have increased deductions may be eager to lodge their income tax returns early to get their hands on a refund. However, the ATO has issued a warning against [...]

Directors’ duties still apply despite COVID-19 relief

June 12th, 2020

The Australian Securities and Investments Commission (ASIC) has reminded companies, directors and officers faced with COVID-19 challenges to reflect on their fundamental duties to act with due care, skill and diligence, and to act in the best interests of the company. ASIC Commissioner John Price has said the impacts of COVID-19 will require many companies [...]

Processing of super early releases resumes with extra risk filters

June 12th, 2020

Processing of COVID-19 early release of superannuation applications has now resumed, with the ATO adding extra risk filters for all files that are delivered to super funds. These release requests had been temporarily paused between 8 May and 11 May 2020 so that the ATO could consider enhancements to its systems to help protect individuals’ [...]

STP exemption for small employers extended to July 2021

June 12th, 2020

The ATO has extended the Single Touch Payroll (STP) exemption for small employers in relation to closely held payees from 1 July 2020 to 1 July 2021 in response to COVID-19. TIP: A “small employer” is one that has 19 or fewer employees, and a “closely held payee” is someone who is directly related to [...]

JobKeeper: measuring decline in turnover

June 12th, 2020

Businesses (including sole traders and charities) must have suffered a “substantial decline” in turnover to qualify for the JobKeeper Payment of $1,500 per eligible employee. The basic decline in turnover test requires an entity to measure its projected GST turnover for a turnover test period in 2020 and compare this to the current GST turnover [...]

Snapshot of Federal COVID-19 pandemic measures

June 12th, 2020

Tax-related business measures •    Cash flow boost payments: Tax-free payments of up to $100,000 are available for eligible small and medium sized entities  and not-for-profits (including charities) that employ people, with a minimum payment of $20,000. •    Instant asset write-off: From 12 March to 30 June 2020, the threshold increases to $150,000 for business entities [...]

Treasury revises down estimated JobKeeper cost by $60 billion

June 12th, 2020

The ATO and Treasury have released a joint statement advising that the previous estimate of the number of employers who would access the JobKeeper program was significantly overstated. Treasury now estimates the number of employees covered under the JobKeeper program to be around 3.5 million (down from a previous estimate of 6.5 million). The estimated [...]


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