The ATO has issued the annual taxation ruling which contains the effective life of depreciating assets under s 40-100 of ITAA 1997. Taxation Ruling TR 2020/3 contains new effective lif...Read MoreRead More
Commissioner’s discretion to extend time for JobKeeper application
Payments to eligible employees on JobKeeper
Compliance approach to related party agreements in the COVID-...Read MoreRead More
The legislative package to modernise Commonwealth registers and to introduce a director identification number (DIN) requirement has received assent and is now law. The Commonwealth Register...Read MoreRead More
Some entities may have received a refund from varying their PAYG installments because of the effects of COVID-19. This may result in the franking account balance being in deficit at the end ...Read MoreRead More
The ATO has clarified its position on employment termination payments (ETPs) in regard to JobKeeper payments and employees who have been terminated or made redundant. From JobKeeper fortnigh...Read MoreRead More
The ATO is increasing its response to fraud and schemes designed to take advantage of the government’s COVID-19 stimulus packages. This includes JobKeeper payments, early release of supera...Read MoreRead More
The increased fees will apply from 1 July 2020 to 30 June 2021.
Company Registration
– Registering a company name will increase to $506
Company Name Reservation
...Read MoreRead More
The amount of the Commonwealth penalty unit will be adjusted for the Consumer Price Index (CPI) and increased from $210 to $222 from Wednesday 1 July 2020. The increased unit will apply to o...Read MoreRead More
The ATO’s Tax Time 2020 page for tax professionals covers key changes this tax time, the ATO’s service commitment, what you can do to prepare, and things to consider before lodging to en...Read MoreRead More
The ATO has updated its guidance on the derivation of JobKeeper payments. It clarifies that for a business which operates on:
an accruals accounting basis, JobKeeper payments will be de...Read MoreRead More
