Taxation News
The SMSF Sector Has Been Growing By $62,400 Every Minute
Total superannuation industry assets were $2.9 trillion as at 30 June 2020. Of this total, $1.9 trillion was held by APRA-regulated superannuation entities and $0.7 trillion was held by self-managed superannuation funds (SMSFs), which are regulated by the ATO.
A Hand Up for Small Businesses on Cash Flow
The ATO has produced a “Cash Flow Coaching Kit”, which is a free resource and designed as a value-add advisory tool for small business owners.
Natural Disasters and Help with Your Tax
The ATO says that if you are affected by natural disaster, such as bushfires, floods or storms, there is generally no need to worry about your tax affairs right away.
JobMaker Hiring Credit: What You Need to Know
The JobMaker Hiring Credit scheme was passed into law in mid-November 2020. JobMaker was part of the 2020-21 Federal Budget, and will operate until 6 October 2021.
A Run-Down of the New Loss Carry Back Measure
The last Federal Budget carried with it a number of tax changes （such as loss carry back rules） that were designed to assist the Australian economy recover from the impact of the COVID-19 pandemic.
JobKeeper Extension’s Alternative Turnover Tests
The extension of the JobKeeper scheme is now based on current GST turnover, not projected turnover.
Rounding Of GST Where Fractions Of A Cent Result
The ATO has devised special rounding conventions where an amount of GST includes a fraction of a cent.
Federal Budget 2020-21
Federal Budget 2020-21
1. BUSINESS
2. R&D TAX INCENTIVE
3. TEMPORARY LOSS CARRY-BACK
4. SUPERANNUATION
5. HOUSING
6. EMPLOYMENT AND TRAINING
7. MANUFACTURING
8. ENVIRONMENT
9. HEALTH AND FAMILIES
2020-21 Lodgment Rates and Thresholds
This guide includes tax rates, including individual minor and non-resident rates, corporate rates, offset limits and benchmarks, rebate levels, allowances, essential super, FBT rates and thresholds.
New Data Matching Programs Initiated By The Federal Government
Over the first quarter of this financial year, the government has initiated two new data matching programs, using data that the ATO holds.
JobKeeper Rules, Conditions and Payment Rates Have Changed
Legislation has been put in place to extend the JobKeeper scheme beyond its original sunset date, although the rates of payment and certain other details have been altered
COVID-19 Issues for Companies and Trusts
With many having received cash flow boost and JobKeeper payments, there can arise some unique issues where these amounts are received within a trust or company.
The JobKeeper Scheme Gets An Update, Plus An Extension
The JobKeeper payment, which was originally due to end after 27 September, will now continue to be available to eligible businesses (including the self-employed) until 28 March 2021. However there are some changes to consider.
