CRS report data on bank accounts published by ATO
November 5, 2020
The ATO has published 2018 data on Australian financial accounts held by foreign tax residents as at 31 December 2018 collected under the Common Reporting Standard (CRS) and exchanged with...
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Impact of COVID-19 on loss utilisation
October 30, 2020
The ATO has clarified on how the business continuity test applies for companies affected by COVID-19.
To utilise carried-forward losses in a particular year, a company must satisfy the ...
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GST applied to sales of vacant land by sheep grazing business
October 24, 2020
A company operating a sheep grazing business has been found liable for GST on the sales of vacant land, although the sales were unrelated to that activity. The AAT held the sales were taxabl...
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Taxpayer Australian resident despite seven-month employment in Kuwait
October 24, 2020
A taxpayer who returned to Australia after a seven-month contract position in Kuwait has failed to convince the AAT that he was not an Australian resident. He was held to be a resident of Au...
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Exposure draft: requiring DGRs to register as charity
October 24, 2020
The government is seeking comments on draft legislation to require non-government entities seeking endorsement as deductible gift recipients (DGRs) to register as charities.
The draft ...
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Ruling on JobKeeper decline in turnover test amended
October 24, 2020
An addendum has been issued to Law Companion Ruling LCR 2020/1 , dealing with the decline in turnover test introduced by the Coronavirus Economic Response Package (Payments and Benefits...
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Withholding tax tables updated
October 24, 2020
Employers have up to 16 November 2020 to update their payroll systems to reflect the changes to the personal income tax thresholds for the 2020-21 income year.
The ATO has published the...
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2020-21 Federal Budget New Measures
October 15, 2020
Personal income tax cuts: increase to low income tax offset and changes to income tax thresholds brought forward, low and middle income tax offset retained for 2020-21.
Temporary loss...
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JobKeeper August declaration – what is different
August 27, 2020
The August JobKeeper monthly business declaration is due by Friday 14 September. The August declaration is different with three fortnights to claim:
Fortnight 9 – commencing 20 July
...
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JobKeeper Payment Scheme Extension
August 14, 2020
The purpose of this Fact Sheet is to enable you to make a quick assessment of your eligibility for the Government's JobKeeper Payment Scheme extension beyond the original end date of 27 Sept...
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