Federal Budget – October 2020
PERSONAL TAXATION Personal tax cuts brought forward to 1 July 2020 In the Budget, the Government announced that it will bring forward to 1 July 2020 the personal tax cuts (Stage 2) that were previously legislated in 2018 to commence from 1 July 2022. The Stage 3 tax changes remain unchanged and commence from 1 July 2024, as previously legislated: Stage 2 tax […]
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 […]