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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Expect changes in client 2019–20 tax return claims due to natural disasters and COVID-19
June 11, 2020
As a result of the impacts of natural disasters and COVID-19, the ATO anticipates changes to what people claim in their 2019–20 tax return. This is an opportune time to review your clients...
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Guidance for tax agents to complete granular data in 2019–20 tax return schedules
June 11, 2020
The ATO’s granular data capability has been expanded to include additional schedules for 2019–20 individual tax returns. Your experience of these changes will depend on your software.
...
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Indexation of tax instalments suspended
June 11, 2020
The government will suspend the indexation of tax instalment amounts for the 2020–21 financial year in response to COVID-19.
This change will affect instalments payable to the ATO for t...
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