COVID-19 vaccination rewards: tax implications While offering rewards or incentives for being vaccinated can be an effective way to help employees and customers to stay safe and businesses to stay open, it’s important to consider that there may be some tax consequences involved for your business. Free mental health support for small business The Federal […]
ATO scrutinising gifts or loans from overseas The ATO has recently issued an alert warning taxpayers against disguising undeclared foreign income as gifts or loans from related overseas entities, including family and friends. It says it has continued to encounter situations where Australian resident taxpayers have derived amounts of income or capital gains offshore that […]
ATO scrutinising gifts or loans from overseas The ATO has recently issued an alert warning taxpayers against disguising undeclared foreign income as gifts or loans from related overseas entities, including family and friends. It says it has continued to encounter situations where Australian resident taxpayers have derived amounts of income or capital gains offshore that […]
Federal COVID-19 support developments Additional financial support for child care providers On 23 August the Prime Minister and the Minister for Education and Youth issued a joint media release announcing new support measures for child care providers impacted by extended COVID-19 lockdowns. Child care services in Commonwealth-declared hotspots will be eligible for new fortnightly payments […]
Federal COVID-19 support developments Additional financial support for child care providers The Prime Minister and the Minister for Education and Youth recently announced new support measures for child care providers that are impacted by extended COVID-19 lockdowns. Child care services in Commonwealth-declared hotspots will be eligible for new fortnightly payments of 25% of their pre-lockdown […]
This is an interesting article for those of you who have started a side business. Starting a side business can open a path towards financial freedom, but that opportunity comes with the risk of falling afoul of the Australian Taxation Office. Director of tax communications at H&R Block Mark Chapman said that starting a side […]
Single Touch Payroll update Phase 2 coming soon The ATO is expanding the information that businesses send through Single Touch Payroll (STP). From 1 January 2022, most employers will be required to send additional information such as the commencement date of employment and cessation date of employment for employees, their reasons for leaving employment and work […]
Single Touch Payroll update Phase 2 coming soon The ATO is expanding the information that businesses send through Single Touch Payroll (STP). From 1 January 2022, most employers will be required to send additional information such as the commencement date of employment and cessation date of employment for employees, their reasons for leaving employment and work […]
Projections from earlier in the week by the Population Interventions Unit at the University of Melbourne estimated that Sydney’s stay-at-home orders would need to be extended into September to get the latest outbreak under control, meaning businesses could be facing prolonged closure. On Friday, facing yet another day of rising case numbers, NSW Premier Gladys […]
The Treasury Laws Amendment (COVID-19 Economic Response No. 2) Bill 2021 finally passed both houses without amendment on Monday after the Senate agreed not to insist on a transparency measure which would have forced businesses to disclose how much they received in JobKeeper wage subsidies. Under the new law, COVID-19 Disaster Payments dating back to its introduction on […]