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
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...Read MoreRead More
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...Read MoreRead More
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...Read MoreRead More
