A legislative instrument issued by the ATO on Wednesday has confirmed that mandatory STP phase 2 reporting will commence from 1 January 2022 — a six-month extension from the previously proposed 1 July 2021 start date. STP phase 2 will require additional payroll information to be reported to the ATO, and subsequently shared with Services Australia and other […]
ATO warning: watch out for tax avoidance schemes Tax planning or tax avoidance – do you know the difference? Tax planning is a legitimate and legal way of arranging your financial affairs to keep your tax to a minimum, provided you make the arrangements within the intent of the law. Any tax minimisation schemes that […]
ATO warning: watch out for tax avoidance schemes To many individuals, the difference between tax planning and tax avoidance is not immediately obvious, while the ATO considers the former to be a legal way of arranging your affairs to minimise the tax you pay, the latter could land you in legal hot water. So, how […]
Legislation aimed at ensuring coronavirus small business grants are not subject to income tax has now passed both houses of Parliament. Treasury Laws Amendment (2020 Measures No. 5) Bill 2020 passed Parliament late on Thursday. The bill amends income tax law to make certain grant payments received by eligible businesses non-assessable non-exempt income so that these […]
It’s been a year no one really expected: a pandemic shut the economy and the Australian government opened a tap of stimulus worth A$259 billion so far. That government support has helped many small businesses hit hard by restrictions imposed to limit the spread of COVID-19. It’s helped businesses pay employees, access capital via one-off […]
Coronavirus Supplement extended (but reduced) The Federal Government’s Coronavirus Supplement has been extended for a further three months. The Supplement payments were due to end on 31 December 2020, but the latest extension will allow them to run until 31 March 2021, which will be welcome news for many individuals still struggling with unemployment and other […]
Coronavirus Supplement extended (but reduced) The Federal Government’s Coronavirus Supplement has once again been extended for a further three months, accompanied by an associated cut-in rate. The first extension was due to end on 31 December 2020, but the extension will allow the Supplement to run until 31 March 2021, which will be welcome news […]
The 2020-21 New South Wales Budget focuses on stimulus and job creation to overcome the impacts of COVID-19. Here are the highlights as they affect businesses. The New South Wales (NSW) Government handed down its 2020-21 Budget on 17 November 2021. It includes several large-scale announcements to boost the economy and create jobs as the […]
Budget personal tax cuts and business concessions now law The Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Bill 2020 received Royal Assent on 14 October 2020 as Act No 92 of 2020. It implements several tax announcements from the 2020 Federal Budget. Importantly, the Act brings the personal tax cuts (Stage […]
Budget personal tax cuts and business concessions now law Several tax announcements from the 2020 Federal Budget have now been passed into law. These include bringing forward changes to the personal income tax thresholds so that they apply from 1 July 2020. From that date, the top threshold of the 19% personal income tax bracket […]