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See below for updates for Tax Determinations, Australian Taxation Office warnings, annual federal budget, income tax return checklists and changes in legislation for superannuation, small business, individuals, trusts and partnerships.

2020 Federal Budget

2020 Federal Budget

The Federal Budget announced on Tuesday 6 October 2020 introduced a raft of emergency stimulus measures to create one million new jobs over the next four years. These emergency stimulus measures include:

  • Personal tax cuts effective backdated to 1 July 2020;
  • Outright tax deductions for eligible business assets;
  • Loss carry-back provisions from 2019-20, 2020-21 and 2021-22 income years for eligible companies;
  • FBT exemptions for retraining redeployed employees;
  • JobMaker Hiring Credit for eligible employers who hire additional eligible employees between the ages of 16 and 35;
  • Superannuation reforms for members;
  • Best financial interests duties for superannuation trustees;
  • 50% wage subsidies for new apprentices; and
  • $250 cash payments for income support recipients.

For more information, please carefully read the following :

Federal Budget Summary

Federal Budget Infographic

Australian Government and Australian Taxation Office COV-19 Business Assistance Measures:

 Further to our update last week, the Australian Government have released additional information in relation to business assistance measures as follows:

Treasury Statement:

  1. Boosting cash flow for employers, and
  2. Supporting apprentices and trainees.

Treasury Statement

Australian Taxation Office Statement:

  1. Deferring BAS payment dates,
  2. Changing BAS reporting cycles,
  3. PAYG instalment variations,
  4. Interest and penalty remissions, and
  5. Low interest payment plans.

Australian Taxation Office Statement

As these measures are quite technical, if you have any queries please do not hesitate to contact us.

Government announces increased tax benefits in response to the Coronavirus

The Government has announced its economic response to the Coronavirus in the form of a $17.6 billion economic stimulus package. The package has been marketed as a measure to protect the economy by maintaining confidence, supporting investment and keeping people in their jobs.

The Key Tax Measures include:

  • Increased instant asset write-off threshold increase from $30,000 ($50 million aggregated turnover) to $150,000 ($500 million aggregated turnover)
  • A time-limited 15-month investment incentive (through to 30 June 2021) which will operate to accelerate certain depreciation deductions.
  • Tax-free payments of up to $25,000 for eligible small and medium businesses (i.e., with a turnover of less than $50 million that employ staff) based on their PAYG withholding obligations.
  • Tax-free payments of $750 to social security, veteran and other income support recipients and eligible concession card holders. It is estimated that around half of those who will benefit will be pensioners.
  • Administrative relief from the ATO for some tax obligations for people affected by the Coronavirus outbreak, on a case-by-case basis. 

Additional Economic Stimulus Measures Include:

  • Wage subsidies to support the retention of apprentices and trainees – Employers with less than 20 full-time employees may be entitled to apply for Government funded wage subsidies amounting to 50% of an apprentice's or trainee's wage for up to nine months from 1 January 2020 to 30 September 2020. The maximum subsidy for each apprentice/trainee is $21,000. Importantly, where an employer is not able to retain an apprentice, the subsidy will be available to a new employer that employs that apprentice. 
  • Assistance to severely affected regions – The Government has also committed to set aside $1 billion to support regions and communities that have been disproportionately affected by the economic impacts of the Coronavirus, including those heavily reliant on industries such as tourism, agriculture and education

Employers will still need to meet their ongoing super guarantee obligations for their employees.

If you have any queries in relation to these tax incentives or require any assistance during these uncertain times, please do not hesitate to contact our office.

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July 2017 ATO Tax Debt

Outstanding tax debts may be reported to credit agencies

The Federal Government has announced that from 1 July 2017 the Australian Taxation Office (ATO) will be given the power to disclose to a credit reporting bureau (CRB) the tax debt information of businesses where those debts have been outstanding for more than 90 days and where the taxpayer has not effectively engaged with the ATO in managing their debts.

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If you have any outstanding debts with the ATO and wish to discuss this further, please do not hesitate to contact us now.


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