Death And Taxes: ATO Improvements Coming Soon?
In a bid to improve the experience of taxpayers when dealing with the ATO in relation to deceased estates, the Inspector General of Taxation and Taxation Ombudsman (IGTO) has recently completed a report which identified opportunities to improve tax administration and cut unnecessary tax compliance. “We recognised that the death of a loved one is a […]
Super guarantee amnesty ends 7 September 2020
This is your last chance to apply for the super guarantee amnesty to catch up on past unpaid super, without incurring a penalty or paying administration fees. To be eligible for the amnesty: the unpaid super must be for a quarter between 1 July 1992 and 31 March 2018 you must not have already disclosed the shortfall […]
Director Identification Number – A permanent identifier under new laws
The Australian Federal Government has implemented legislation to combat illegal phoenix activities by company controllers which includes the requirement for company directors to obtain a Director Identification Number (DIN). Applying for DIN An ‘eligible officer’ (a director, alternate director or any other officer of a registered body of a kind prescribed by regulations) must apply […]
New $ 3k grants for small businesses and change to payroll tax threshhold
From 1 July, NSW small businesses will be able to apply for a small business recovery grant of between $500 and $3,000. The new grant comes as the state government’s previous $10,000 grants from a $750 million funding pool comes to a halt at the end of the financial year after 49,700 businesses accessed more than $490 […]
Explanatory Memorandum – June 2020
Treasury revises down estimated JobKeeper cost by $60 billion The ATO and Treasury have released a joint statement advising that the previous estimate of the number of employers who would access the JobKeeper program was significantly overstated. Treasury now estimates the number of employees likely to be covered under the JobKeeper program to be around 3.5 million […]