Expansion of Tax Avoidance Taskforce

The ATO has expanded the tax avoidance taskforce to include top 500 private groups, high wealth private groups, and medium and emerging private groups. Perhaps the most interesting is the inclusion of medium and emerging private groups which cover around 97% of the total private group population. These consist of Australian resident individuals who, together […]

ATO Debts to Affect Your Credit Rating

Businesses with tax debts beware, the ATO will now be able to disclose the details of your tax debts to credit ratings agencies, which could potentially affect the ability of the business to obtain finance or refinance existing debt. Generally, only those businesses with an ABN and debts over $100,000 and are not “effectively engaged” […]

Future of the JobSeeker

The government has committed to extending the coronavirus supplement beyond the currently legislated end date of 24 September for a further three months to 31 December 2020. However, the supplement of $550 per fortnight which effectively doubled various social security payments will be reduced to $250 per fortnight from 25 September, effectively slashing the JobSeeker […]

Get Ready For Changes To The JobKeeper

The JobKeeper payment will soon be changing. In order to support businesses through a potentially prolonged economic downturn due to the pandemic, the government has confirmed it will seek to extend the payment beyond the current end date of 27 September to 28 March 2021. The extension of the payment comes with significant changes including […]

Make Use Of The Small Business Super Clearing House

Running a small business is already stressful enough in this economic climate without needing to worry about compliance of super guarantee payments and whether they have been properly made. If you run a small businesses with 19 or less employees, remember you can take advantage of the free small business super clearing house to easily […]

ATO Investigates Fraud: Early Release of Super

If you’re one of the 2.4m Australians who has taken advantage of COVID-19 early super release, beware as the ATO is investigating fraud and schemes related to this measure. In announcing the significant investigation, the ATO has also given notice of a data-matching program to acquire data from Services Australia (Centrelink) which is projected to […]

Additional Cash Flow Boost Coming Your Way

Businesses that received the initial cash flow boosts as a part of the COVID-19 stimulus measures are in line for additional payments for the June to September quarter. Generally, the additional amount businesses will receive will be equal to the total amount that they initially received and will be split evenly between the lodged activity […]

Tax Time 2020: Individuals

Tax time 2020 will be anything but routine, with the great disruptor that is the COVID-19 pandemic and the associated government economic stimulus, there are some key matters for individuals to be aware of this year. These include the tax treatment of early access super, the use of the simplified method to claim work from […]

Less Tax For Some Working Holiday Makers

A recent case on the “backpacker tax” received wide ranging media coverage and was hyped as a win for all working holiday makers. However, take a closer look, and it is clear that the case has a much narrower application than reported. For example, it would only apply to certain working holiday makers that are […]

Closing the Tax Gap: High Wealth Private Groups

ATO will be expanding the work of the Tax Avoidance Taskforce with a new program focusing on high wealth private groups. That segment encompasses approximately 9,000 individuals and 18,000 companies. The new program comes on the back of figures which show that the tax gap for the segment hovering around 7.7%, which works out to […]

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