This is the category for general tips/articles
Tax myths busted! – Top 10 myths. Tax season is underway and to help Australians get their returns right, the Australian Taxation Office (ATO) has identified the top 10 tax myths and misunderstandings it says are causing incorrect claims. Assistant Commissioner Kath Anderson says unreliable tax advice is leaving taxpayers exposed. “Taxpayers listen to advice […]
Urgent JobKeeper action required. As previously highlighted in our earlier correspondence this week, the Government has amended the JobKeeper rules to allow more employees to qualify for the JobKeeper payment. This is achieved by extending the eligible employee test to also include eligible employees who were employed on 1 July 2020 (in addition to those […]
JobKeeper Amendment (No.7) 2020 The JobKeeper Amendment (No.7) 2020 has seen a legislative instrument registered on 14 August 2020 amending the JobKeeper rules to allow businesses to claim the subsidy in respect of new employees. The changes apply to JobKeeper fortnights beginning on or after 3 August 2020. Under the changes, the reference date for […]
JobKeeper 3.0 Update released on 21 July 2020, had the Government announce that the JobKeeper Payment (‘JKP’) would be extended until 28 March 2021 (i.e., for a further six months beyond its original end date of 27 September 2020). As a result of the JobKeeper 3.0 Update all JKPs would now be made over two […]
JobKeeper 2.0 + More On 29 June 2020, Treasury reported back to the Federal Government on its three-month review of the JobKeeper Payment (‘JKP’). Based on Treasury’s findings, the Government announced on 21 July 2020 that the JKP would be extended until 28 March 2021 (i.e., for a further six months beyond its original finish […]
Super guarantee amnesty was introduced on 6 March 2020. Employers participating in the amnesty need to apply by 7 September 2020. The Super Guarantee Amnesty is an opportunity to catch up on any unpaid super without the normal penalties applying. The Amnesty ends on 7 September 2020. If you have paid the right amount of […]
Treasury’s update on the economic and fiscal outlook Treasurer’s Economic Statement on 23 July 2020 has revealed a major deterioration in the budget position as a result of the COVID-19 support, with estimated deficits of $85.8 billion in 2019-20 and $184.5 billion in 2020-21. The economic and fiscal outlook remains highly uncertain as a result […]
Friday Tax Tip: 2020 rental deduction claims and how they could affect you Rental deduction hotspots for this tax time have now been identified by the ATO as it anticipates a change in claims because of COVID-19 and recent natural disasters. Rental deduction claims continue to be a focus point for the ATO leading into […]
‘Everyone is now on notice’: ATO acquires COVID-19 data on 3m Aussies. The ATO is set to acquire the data of 3 million Australians from Services Australia as it doubles down on the COVID-19 compliance front. What does this mean? Last week, the ATO published a gazette notice informing that it would now acquire data […]
Minimum Wage Increase On Friday 19 June 2020, the Commission handed down its 2020 Annual Wage Review Decision, which will see the National Minimum Wage and pay rates in all Modern Awards increase by 1.75%. The minimum wage increase will start on one of three different dates (depending on the relevant award), first being on […]
