JobKeeper Payment Scheme Fact Sheet
The JobKeeper Payment is a scheme, administered by the Australian Taxation Office (ATO), aimed at supporting businesses and not-for-profit organisations significantly affected by COVID-19, to help keep more Australians in jobs. Whilst it was originally due to run until 27…
COVID-19 Government income supplements
The COVID-19 pandemic is impacting Australians health and back pocket. The Government have taken some bold steps to provide incentives like income supplements and tax breaks to keep the economy going.
DISCLOSURE OF BUSINESS TAX DEBTS – DECLARATION MADE
Following the enactment of legislation in late 2019, the ATO can disclose certain business tax debt information to external credit reporting bureaus.
LIFESTYLE ASSETS CONTINUE TO BE AN ATO AUDIT TARGET
The ATO has revealed it will request a further five years’ worth of policy information from over 30 insurance companies about taxpayers who own marine vessels, thoroughbred horses, fine art, high value motor vehicles and aircraft.
NO CGT MAIN RESIDENCE EXEMPTION FOR NON RESIDENTS
The Government recently tabled legislation, making its second attempt to deny access to the CGT main residence exemption for individuals who are foreign residents (i.e., non-resident taxpayers for Australian tax purposes).
STP AND SUPERANNUATION GUARANTEE
In a presentation at the Australian Institute of Superannuation Trustees Chairs Forum, the ATO’s Deputy Commissioner confirmed that as a result of STP, the ATO now has an “unprecedented level of visibility” of super information.
PAYG AND DEDUCTIONS FOR PAYMENTS TO WORKERS
The ATO has reminded business taxpayers they can no longer claim deductions for certain payments to workers if they have not met their PAYG withholding obligations from 1 July 2019.
SUPER GUARANTEE OPT-OUT FOR HIGH INCOME EARNERS NOW LAW
From 1 January 2020, eligible individuals with multiple employers can apply to opt out of receiving super guarantee (‘SG’) from some of their employers, to help them avoid unintentionally going over the concessional contributions cap.
TAXPAYER LIABLE FOR EXCESS TRANSFER BALANCE DESPITE COMMUTATIONS
A taxpayer has unsuccessfully tried to challenge an excess transfer balance tax liability, despite following the ATO’s instructions.
USING THE CENTS PER KILOMETRE METHOD
The ‘cents per kilometre’ method broadly allows an individual taxpayer to claim up to a maximum of 5,000 business kilometres per car, per year without the need to keep any written evidence (e.g., receipts) of car expenses.