Instant asset write-off extended to 31 December 2020
June 11, 2020
The government will extend the $150,000 instant asset write-off for six months to 31 December 2020.
Australian businesses with annual turnover of less than $500 million will be able to ta...
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COVID-19: HomeBuilder grant
June 11, 2020
The government will introduce a $25,000 grant for eligible owner-occupiers to build a new home or substantially renovate an existing home.
The HomeBuilder grant will be available to indiv...
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Supply of transaction account GST-free to extent of use outside Australia
June 4, 2020
The ATO has released Draft Goods and Services Tax Determination GSTD 2020/D1, setting out the Commissioner's proposed view on the extent to which the supply of a transaction account is GST...
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2019-20 tax return pre-fill to include JobSeeker payments
June 4, 2020
From 20 March 2020, the new JobSeeker payment replaced certain Centrelink payments you may receive from Services Australia. As a result of these changes, your Centrelink payment summaries fo...
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Instant asset write-off and the car limit
June 4, 2020
Following the expansion of the instant asset write off, the ATO has clarified that the car limit of $57,581 (for the 2019–20 financial year) applies to passenger vehicles (except motorcycl...
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Finalised STP data due in July
May 28, 2020
The ATO has reminded employers to finalise payroll information through their Single Touch Payroll (STP) provider after the last pay run for the financial year. Large employers with 20 or mor...
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ATO announces no penalties or lodgment program impacts for late lodgments up to 30 June 2020
May 28, 2020
In an email to tax professionals on 25 May, ATO Deputy Commissioner Hoa Wood recognised the efforts of tax agents to complete lodgments as quickly as possible and that under the current circ...
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FAQs on COVID-19 and residential rental property
May 21, 2020
The ATO has released frequently asked questions (FAQs) and other information to help tax practitioners and their clients understand their rental property obligations and what information cli...
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COVID-19: Div 7A practice statement updated
May 14, 2020
The ATO has updated its practice statement on Div 7A to reflect concessions for the lodgment of trust income tax returns for the 2018/19 income year as part of its COVID-19 response. This up...
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STP for closely-held payees deferred to 2021
April 30, 2020
As part of its response to the COVID-19 crisis, the ATO has extended the Single Touch Payroll (STP) exemption deadline for small employers (those with 19 or fewer employees) needing to repor...
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