Director ID number Bill now law
June 25, 2020
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...
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Franking account deficit resulting from COVID-19
June 25, 2020
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 ...
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Employment terminations payments not counted as part of JobKeeper payment
June 25, 2020
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...
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ATO compliance approach to COVID-19 stimulus measures
June 25, 2020
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...
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ASIC Fees Increase for 2020/21 Financial Year
June 24, 2020
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
...
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Penalty unit increase to $222 from 1 July 2020
June 18, 2020
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...
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ATO’s support and guidance to make tax time easier
June 18, 2020
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...
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JobKeeper – derivation of income
June 18, 2020
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...
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Recent ATO website updates
June 11, 2020
Recent ATO website updates:
Key dates for the JobKeeper payments
ATO JobKeeper guide for sole traders, employers reporting through single touch payroll (STP) and for employers not...
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Car expenses per kilometre rate for 2020–21
June 11, 2020
The rate at which work-related car expense deductions may be calculated using the cents per kilometre method is 72 cents per kilometre for the income year commencing 1 July 2020.
Income T...
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