The JobMaker Hiring Credit Scheme JobMaker can be complex and if you’re wishing to access the hiring credit, you will need to be fully informed about eligibility, enrolment and ongoing compliance. Our client guide to help small business owners understand the benefits and requirements of JobMaker. Download The Guide Here JobMaker is a credit available … Read more
Refunds for Tax Losses If your company has made a loss, you may be able to claim a tax refund for tax previously paid on profits. In the 2020-21 Federal Budget, the Government announced that businesses with turnover under $5bn* will be able to offset any losses made between 2019-20 and 2021-22 against previously taxed … Read more
JobKeeper: The next steps The first tranche of JobKeeper ended on 27 September 2020. We look at the issues for those seeking to qualify for the second tranche of JobKeeper and for those no longer eligible. Wrapping up JobKeeper 1 If your business is no longer eligible for JobKeeper payments, there are a few things … Read more
Over 2 days, the Victorian Government has announced two new support packages delivering over $3 billion in “cash grants, tax relief and cashflow support.” Grants Cash grants for SMEs “most affected by coronavirus restrictions” $822 million for the third round of Business Support Fund Grants of $10,000, $15,000 or $20,000 to businesses with payrolls of up to … Read more
Now, more than ever, business operators should have a plan in place to manage during uncertain times. Even if your business is not directly impacted, it’s likely your customers, your supply chain, and your workforce will be to some extent. So, how do you plan for uncertainty when every assumption is subject to change? Understand … Read more
If you are selling your business, merging, acquiring, or inviting in new investors, you need to understand the value of your business. But, to what degree does the pandemic impact on value? Should you discount or hold firm to pre COVID-19 performance on the basis that ‘we’re going to come out of it eventually’? Fair … Read more
The ATO has released specific guidance on fringe benefits and the impact of COVID-19, particularly in relation to car fringe benefits. For these benefits, the ATO confirms that the treatment will often depend on whether the taxable value is calculated using the operating cost method or the statutory formula method. For example, under the statutory … Read more
The changing financial circumstances of many tenants (and landlords) have had a significant impact on many residential tenancy arrangements. The ATO has provided brief guidance on its approach to the most common changes, including: Tenants being unable to pay rent: In these cases the ATO indicates landlords can still claim deductions for rental expenses where tenants … Read more
Tax treatment of State government COVID-19 assistance The ATO has released guidance on the tax treatment of a range of State and Territory business support measures, including direct grants, payroll and other tax relief, and expense reimbursements. Cash grants The ATO has confirmed that these payments (both lump sums and ongoing payments) should be included … Read more
Employers that have fallen behind with their superannuation guarantee (SG) obligations will have 1to “self-correct” under a new amnesty.
The super guarantee (SG) amnesty is a one-off opportunity to correct past unpaid SG amounts. Employers have a six-month window, until 7 September 2020, to disclose, lodge and pay unpaid SG amounts for their employees.