To help your business navigate through these extremely difficult times, the Government has provided some financial assistance with their recently announced ‘Business Resilience Package’. Due to the Victorian Government’s Stage 3 & Stage 4 Restrictions put in place to combat…
1. Personal income tax changes 1.1 Changes to personal income tax rates The Government has announced that it will bring forward changes to the personal income tax rates that were due to apply from 1 July 2022, so that these…
The corona virus pandemic has, and continues to have, a significant impact on Victoria from both a health and economic perspective. The State Revenue Office has summarised the corona virus tax and fee relief measures that they are administering below:-
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…
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.
Following the enactment of legislation in late 2019, the ATO can disclose certain business tax debt information to external credit reporting bureaus.
This assistance will support businesses to manage cash flow challenges and help businesses retain their employees. These two measures are designed to support employing small and medium enterprises and to improve business confidence. In addition, the wage subsidy for apprentices…
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.
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).
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.
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.
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.
A taxpayer has unsuccessfully tried to challenge an excess transfer balance tax liability, despite following the ATO’s instructions.
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.
The Federal Court recently handed down two decisions relating to the personal services income(‘PSI’) rules.
The ATO has reminded taxpayers that, if they run their home-based business as a company or trust, their business should have a genuine, marketrate rental contract (or similar agreement) with the owner of the property.
The ATO is reminding businesses that are looking to expand or improve their business and thinking of buying new or second hand assets, that medium sized businesses with a turnover up to $50 million (but at least $10 million) are…
The perennial question has reared its head and it was just a matter of time given the burgeoning gig economy. The new working arrangements provide flexibility for workers, arrangers and customers. But what are the tax and other economic implications…
A taxpayer involved in a high-profile stoush with the ATO over residency rules has been given the backing of the High Court as it refuses the Commissioner of Taxation’s appeal application.
Financial statements may be used by different stakeholders for a multitude of purposes. Owners and managers require financial statements to make important business decisions affecting its continued operations. Financial analysis is then performed on these statements, providing management with a more…