Debt forgiveness for tax purposes
August 7, 2020
The ATO has clarified its position on loans that have been put on hold during COVID-19.
A debt is considered as being forgiven for tax purposes if, generally:
the debtor is someh...
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Temporary Occupational Health and Safety (COVID-19 Incident Notification) Regulations 2020 (OHS COVID-19 Regulations) commenced on Tuesday 28 July 2020.
July 29, 2020
Temporary Occupational Health and Safety (COVID-19 Incident Notification) Regulations 2020 (OHS COVID-19 Regulations) commenced on Tuesday 28 July 2020.
In this state of emergency and pande...
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COVID-19 SME Guarantee Scheme extended
July 24, 2020
The Coronavirus SME Guarantee Scheme to assist small and medium enterprises (SMEs) impacted by the coronavirus to access working capital will be extended to loans written until Tuesday 30 Ju...
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Income support extended
July 24, 2020
The payment period of the temporary Coronavirus Supplement has been extended to Thursday 31 December 2020.
Eligible income support recipients will continue to receive the payment at a rat...
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JobKeeper extended
July 23, 2020
The Federal Government has announced extensions of the JobKeeper payment to Sunday 28 March 2021 and the temporary Coronavirus Supplement to Thursday 31 December 2020.
The JobKeeper pay...
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New tax treatment of income distributions from testamentary trusts to minors
July 9, 2020
New legislation has recently been enacted that changes the taxation treatment of distributions of income from testamentary trusts to minors.
Previously income from property that did not f...
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Amend FBT returns for ride sourcing exemption
July 9, 2020
Employers who lodged their 2020 FBT returns, treating ride-sourcing vehicle travel by employees as subject to FBT, will need to amend their returns, following law changes to exempt such trav...
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Taxation Determination TD 2020-21
July 2, 2020
The Commissioner has set out the amounts considered to be reasonable in relation to claims made by employees for the 2020-21 income year for:
overtime meal expenses — for food and dri...
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ATO website updates
July 2, 2020
ATO website updates
Enrolments still open for organisations assessing eligibility for the JobKeeper payment
Information for employees about JobKeeper payments
Key d...
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Tax time 2020: things to know
July 2, 2020
To help tax practitioners and their clients this tax time, CPA Australia has published its annual tax tips for tax agents, employees, small business, investors and students.
The ATO has a...
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