Tax benefits and new rules from 1 July 2020
July 2, 2020
The government has outlined key measures in effect from Wednesday 1 July 2020 that will help Australians transition through the impacts from COVID-19. Those relating to tax and superannuatio...
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ATO announces Div 7A assistance to allow taxpayers to request an extension of the repayment
July 2, 2020
The ATO has announced that taxpayers affected by COVID-19 will now be able to request an extension of the repayment period if they are unable to make their minimum yearly repayment by the en...
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Effective life of depreciating assets for 2020-21
June 25, 2020
The ATO has issued the annual taxation ruling which contains the effective life of depreciating assets under s 40-100 of ITAA 1997. Taxation Ruling TR 2020/3 contains new effective lif...
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ATO website updates
June 25, 2020
Commissioner’s discretion to extend time for JobKeeper application
Payments to eligible employees on JobKeeper
Compliance approach to related party agreements in the COVID-...
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Director ID number Bill now law
June 25, 2020
The legislative package to modernise Commonwealth registers and to introduce a director identification number (DIN) requirement has received assent and is now law. The Commonwealth Register...
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Franking account deficit resulting from COVID-19
June 25, 2020
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 ...
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Employment terminations payments not counted as part of JobKeeper payment
June 25, 2020
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...
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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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