Impact of COVID-19 on loss utilisation
October 30, 2020
The ATO has clarified on how the business continuity test applies for companies affected by COVID-19.
To utilise carried-forward losses in a particular year, a company must satisfy the ...
Read More Read More
GST applied to sales of vacant land by sheep grazing business
October 24, 2020
A company operating a sheep grazing business has been found liable for GST on the sales of vacant land, although the sales were unrelated to that activity. The AAT held the sales were taxabl...
Read More Read More
Taxpayer Australian resident despite seven-month employment in Kuwait
October 24, 2020
A taxpayer who returned to Australia after a seven-month contract position in Kuwait has failed to convince the AAT that he was not an Australian resident. He was held to be a resident of Au...
Read More Read More
Exposure draft: requiring DGRs to register as charity
October 24, 2020
The government is seeking comments on draft legislation to require non-government entities seeking endorsement as deductible gift recipients (DGRs) to register as charities.
The draft ...
Read More Read More
Ruling on JobKeeper decline in turnover test amended
October 24, 2020
An addendum has been issued to Law Companion Ruling LCR 2020/1 , dealing with the decline in turnover test introduced by the Coronavirus Economic Response Package (Payments and Benefits...
Read More Read More
Withholding tax tables updated
October 24, 2020
Employers have up to 16 November 2020 to update their payroll systems to reflect the changes to the personal income tax thresholds for the 2020-21 income year.
The ATO has published the...
Read More Read More
2020-21 Federal Budget New Measures
October 15, 2020
Personal income tax cuts: increase to low income tax offset and changes to income tax thresholds brought forward, low and middle income tax offset retained for 2020-21.
Temporary loss...
Read More Read More
