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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.

April 2021

JobKeeper comes to an end

The ATO has advised that the final JobKeeper payment will be processed in April 2021.

Enrolled businesses do not have to do anything when the program closes, although they will need to complete their final March monthly business declaration by 14 April 2021. 

Also, once a business is no longer claiming JobKeeper Payments, it may start to be eligible to receive the JobMaker Hiring Credit for any additional employees that started employment on or after 7 October 2020.

Also in this month's edition:

  • ATO loses case on JobKeeper and backdated ABNs
  • First criminal conviction for JobKeeper fraud
  • ATO's taxable payments reporting system update
  • FBT rates and thresholds for the 2021/22 FBT year
  • Warning regarding new illegal retirement planning scheme
  • New succession planning guide for family businesses
  • Parliament passes casual employee definition and addresses casual employment uncertainty - Employment Contracts Legislation Update

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If you have any queries please do not hesitate to contact us.

March 2021

Changes to STP reporting concessions from 1 July 2021

Small employers (19 or fewer employees) are currently exempt from reporting 'closely held' payees through Single Touch Payroll ('STP'). Also, a quarterly STP reporting option applies to micro employers (four or fewer employees). These concessions will end on 30 June 2021.

Also in this month's update:

  • Detailed information in relation to changes in STP reporting
  • Paper PAYG and GST quarterly instalment notices
  • Avoiding disqualification from SG amnesty

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If you have any queries please do not hesitate to contact us.

January & February 2021

New measures applying from 1 January 2021
The Government has provided an update of a number of new measures which came into effect from 1 January 2021, including (among others):
  • The most significant changes to Australia's insolvency framework in 30 years, which are intended to reduce costs, cut red tape and help more small businesses recover from the pandemic. The reforms introduce a new, simplified debt restructuring process. These measures apply to incorporated businesses with liabilities of less than $1 million - covering around 76% of businesses subject to insolvencies today, 98% of which have less than 20 employees.
  • Australians will have more power to choose their own superannuation fund: 'Your Superannuation, Your Choice' allows around 800,000 Australians to decide where their retirement savings are invested, representing around 40% of all employees covered by a current enterprise agreement.
  • The Government's HomeBuilder program has been extended to 31 March 2021. The scheme is expected to support the construction or major rebuild of an additional 15,000 homes.
  • Major reforms to Australia's foreign investment framework take effect, with new requirements for foreign investors.

Also in this month's edition:

  • Shortcut rate for claiming home office expenses extended
  • AAT decision on JobKeeper and backdated ABNs
  • SMSF related party rental income deferrals due to COVID-19
  • ATO data-matching programs
  • JobMaker Hiring Credit scheme: Claims open from 1 February 2021
  • Cash payment limit Bill shelved

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If you have any queries please do not hesitate to contact us.

November 2020

Tax cuts pass Parliament

Tax relief for individuals

The Government brought forward 'Stage two' of their Personal Income Tax Plan by two years, so that, from 1 July 2020:

  • the low income tax offset increased from $445 to $700;
  • the top threshold of the 19% tax bracket increased from $37,000 to $45,000; and
  • the top threshold of the 32.5% tax bracket increased from $90,000 to $120,000.

In addition, in 2020/21, low and middle-income earners will receive a one-off additional benefit of up to $1,080 from the low and middle income tax offset.

Tax relief for business

Businesses with a turnover of up to $5 billion are now able to immediately deduct the full cost of eligible depreciable assets as long as they are first used or installed by 30 June 2022.

To complement this, the Government will also temporarily allow companies with a turnover of up to $5 billion to offset tax losses against previous profits on which tax has been paid. Also, businesses with an aggregated annual turnover between $10 million and $50 million will, for the first time, be able to access up to ten small business tax concessions.

Under the changes passed by the Parliament, the Government will also enhance previously announced reforms to invest an additional $2 billion through the Research and Development Tax Incentive.

Further in this month's edition:

  • Employers need to apply recent tax cuts as soon as possible
  • Deferrals of interest due to COVID-19
  • Simplified home office expense deduction claims due to COVID-19
  • Companies holding meetings and signing documents electronically
  • COVID-19 and loss utilisation
  • Employees on JobKeeper can satisfy the 'work test'

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If you have any queries please do not hesitate to contact us.

 

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

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